Investors finally got a look at some of the numbers behind Truth Social and it sent the stock plummeting.
The share price of Trump Media plunged Monday after the social media app company closely tied to former President Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023.
Trump Media & Technology Group shares were trading down by more than 25% around 1:08 p.m. ET.
….
The losses last year by Trump Media — the owner of the Truth Social app routinely used by the former president — could continue for some time, according to the company.
“TMTG expects to incur operating losses for the foreseeable future,” says the filing, which came a week after the company began trading under the ticker DJT on the Nasdaq.
A 25% drop in the stock means a 25% drop in Trump’s cash out. Truth Social is a scam. The company will not release its data on the number of users it has. Truth Social is a money pit, and the only reason that it exists is as a mechanism for Donald Trump to grift his supporters out of more cash.
As John Oliver explained on the latest Last Week Tonight, it is possible that Trump won’t sell his shares of the stock because it could be the perfect mechanism for him to use to get money from foreign governments and profit off of the presidency if he returns to the White House.
Truth Social is another Trump fraud, and the odds are good that it will be his supporters who will get stuck with the bill.
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