Truth Social shares go into freefall after investors learn how much money it really makes

[Eric Loh]

On 5/2/2024 at 10:41 AM, illisdean said:

 

Must have hit a raw nerve. I get it; all for Trump’s grift and who cares about the small investors buying a scam share with no positive fundamentals. 

[Yellowtail]

On 5/2/2024 at 1:25 PM, Eric Loh said:

Must have hit a raw nerve. I get it; all for Trump’s grift and who cares about the small investors buying a scam share with no positive fundamentals. 

Biden certain doesn't he wants to tax unrealized capital gains....

[Jingthing]

1 hour ago, Yellowtail said:

Biden certain doesn't he wants to tax unrealized capital gains....

I don't know all the details of his proposals but I'm pretty clear any proposed changes are only for those making over 400K annually. 

Also any change needs to pass the in congress as well. 

Edited May 3 by Jingthing

[Eric Loh]

2 hours ago, Yellowtail said:

Biden certain doesn't he wants to tax unrealized capital gains....

Yes he does. New tax laws will be written for unrealized capital gain which has been a grey area for much too long. Unrealized capital gain will not be allowed to be use for collateral. Someone wouldn’t be happy with that. 

[TallGuyJohninBKK]

More bad news for Trumpers:

DJT Stock Falls. SEC Charges Trump Media Auditing Firm With ‘Massive Fraud.’

Trump Media & Technology Group shares were falling Friday after the Securities and Exchange Commission charged the company’s auditing firm with “massive fraud.”

 

The regulator has charged BF Borgers CPA and its owner Benjamin Borgers “with deliberate and systemic failures to comply with Public Company Accounting Oversight Board standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023,” according to a filing.

 

To settle the chargers, BF Borgers and Benjamin Borgers have agreed to pay civil penalties of $12 million and $2 million, respectively. Both also have agreed to permanent suspensions from appearing and practicing before the SEC as accountants, effective immediately.

...

Trump Media stock was tumbling 5.2% to $46.15.

 

https://www.msn.com/en-us/money/companies/djt-stock-falls-sec-charges-trump-media-auditing-firm-with-massive-fraud/ar-AA1o5xV8

 

Is anyone surprised?

 

 

Edited May 3 by TallGuyJohninBKK

[Yellowtail]

[Yellowtail]

[Yellowtail]

[Walker88]

LOL!

 

Here's the numbers from the first Quarter:

 

Revenues: $770,500

 

Profit or loss: -$327,600,000

 

With those stellar numbers, I bet Devin Nunes is in for another huge bonus.

 

Obviously it's a meme stock, or maybe also a way to 'contribute' to a campaign without directly violating FEC laws. Yes, one can make money playing it by either being lucky or not being greedy, but it does look as if the long term target for the stock price is $0. As the stock ages and more becomes available to borrow, shorts will increase and suckers will be left holding the empty bag. No doubt they will scream "RIGGED" or "UNFAIR!", but it will be their own damn fault. Their messiah will have long ago cashed out.

 

The primary shareholder took decades to find his calling in life, which is fooling those easily fooled. I think he might have looked at the IQ Bell Curve, moved far left of the mean, and said to himself "Those are my people".

 

The guy was a disaster in all of his businesses, living off of inheritance, allowance, daddy co-signed loans, and hyperbole, but only when his goober demographic was identified and isolated, did he begin to earn money on his own. First it was via his Game Show, where he pretended he was a successful businessman despite 6 bankruptcies and dozens of failed companies (but inheritance kept him afloat), and then as a "politician", where he could sell junk to his cult. His leaked tax returns indicate that he was moments away from belly-up, but was saved by Mark Burnett, who came up with the idea for the Game Show.

 

This stock is another of his "Just how dumb and gullible is my Cult" enterprises, like fantasy NFTs, Golden Sneakers, or outright begging for cash via his PACs.

 

In his first term playing President, he gave us a clue as to how incompetent he is, taking the 4.8% unemployment and growing economy he inherited and turning it into 6.8% UE and a Recession, but in his second term (if it happens), where he will lack anything even remotely approaching competence (no Steve Cohn or other of that ilk this time), he will reek economic havoc on a scale not even seen in the 1930s. I anticipate 20% UE, Stagflation, and a collapsing US dollar (but blame for anyone and everyone except himself). Perhaps fairly, it will be his cult who suffers the most, as they offer society the least and will be first to feel the decline.

[RuamRudy]

3 minutes ago, Walker88 said:

Here's the numbers from the first Quarter:

 

Revenues: $770,500

 

Profit or loss: -$327,600,000

 

With an admittedly shaky understanding of corporate finance, would I be right in saying that the company's costs were around $400 million for the first quarter? Is that even feasible for running a website with a few thousand users? How can any site possibly cost over $4 million per day to run? 

[Walker88]

7 minutes ago, RuamRudy said:

 

With an admittedly shaky understanding of corporate finance, would I be right in saying that the company's costs were around $400 million for the first quarter? Is that even feasible for running a website with a few thousand users? How can any site possibly cost over $4 million per day to run? 

Some of it is 'creative accounting' as a result of the SPAC merger...you know, like grossing up hush money payoffs and recording it as a business expense.

 

One thing I failed to mention is that even the meager $770K revenue is down from $1.1 million in the previous quarter, so the hype of the merger did not exactly light the business on fire.

[Danderman123]

Trump's allies are throwing money at this stock, probably until Trump cashes out.

[Yellowtail]