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.
To get more stories like this, subscribe to our newsletter The Daily.
….
The losses last year by Trump Media â the owner of the Truth Social app routinely used by the former president â could continue for some time, according to the company.
âTMTG expects to incur operating losses for the foreseeable future,â 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.
A Special Message From PoliticusUSA
If you are in a position to donate purely to help us keep the doors open on PoliticusUSA during what is a critical election year, please do so here.Â
We have been honored to be able to put your interests first for 14 years as we only answer to our readers and we will not compromise on that fundamental, core PoliticusUSA value.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelorâs Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association