Investors finally got a look at some of the numbers behind Truth Social and it sent the shares plummeting.
CNBC reported:
Trump Media’s stock price plummeted 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.
Shares of Trump Media & Technology Group fell more than 25% around 1:08 p.m. ET.
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Losses last year by Trump Media — the owner of the Truth Social app routinely used by the former president — could continue for a while, 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 price means a 25% drop in Trump’s payout. Truth Social is a scam. The company will not release data on the number of users it has. Truth Social is a money pit, and the only reason it exists is as a mechanism for Donald Trump to extract even more money from his supporters.
As John Oliver explained on the latest Last Week Tonight, it is possible that Trump will not sell his shares because this could be the perfect mechanism for him to get money from foreign governments and benefit from the presidency when he returns to the White House.
Truth Social is another Trump fraud, and chances are it will be his supporters who will be left with the bill.
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Jason is the editor-in-chief. He is also a White House press pool and 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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Member of the Society of Professional Journalists and the American Political Science Association