Investors finally got a look at some of the numbers behind Truth Social and it sent the stock tumbling.
CNBC reported:
Trump Media’s stock price plummeted Monday after the social media app company closely linked to former President Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023.
Shares of Trump Media & Technology Group fell more than 25% around 1:08 p.m. ET.
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According to the company, the losses suffered last year by Trump Media – the owner of the Truth Social app used regularly by the former president – could continue for some time.
“TMTG expects to incur operating losses for the foreseeable future,” says the document, which came a week after the company began trading under the ticker DJT on the Nasdaq.
A 25% drop in stocks means a 25% drop in Trump’s cash out. Truth Social is a scam. The company will not release its data on how many users it has. Truth Social is a money pit, and the only reason it exists is as a mechanism for Donald Trump to siphon more money from his supporters.
As John Oliver explained in Last Week Tonight, it is possible that Trump does not sell his shares because it could be the perfect mechanism to use to obtain money from foreign governments and profit from the presidency if he returns to the White House.
Truth Social is another Trump fraud, and there’s a good chance it will be his supporters who get stuck with the bill.
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Jason is the managing editor. He is also a member of the White House press pool and a congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His graduate work focused on public policy, with a specialization in social reform movements.
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