Trump Media plunges more than 25% after company reports net loss of $58 million in 2023
Trump Media plunges more than 25% after company reports net loss of $58 million in 2023
Trump Media, whose majority shareholder is former President Donald Trump, "expects to incur operating losses for the foreseeable future," the filing says.
My smile grew larger with each paragraph.
But I reached near-euphoria with these masterpieces of financial journalism:
The filing also warns shareholders that Trump's involvement in the company could put it at greater risk than other social media companies.
and…
TMTG also disclosed to regulators that the company had identified "material weaknesses in its internal control over financial reporting" when it prepared a previous financial statement for the first three quarters of 2023.
😁
If anyone checked the filing presentation they literally put questions marks for their profitability. It was HILLARIOUS.
Before anyone asks, here it is:
https://www.sec.gov/Archives/edgar/data/1849635/000119312521348593/d242442dex992.htm
So they either did not do proper finance analysis or they are hiding numbers from shareholders, neither of which inspire confidence.
Material weaknesses means they "lost" paperwork, right? I'm guessing as that's his only move.
Dunno, I was actually leaning more towards the “indefensible, blatantly criminal fabrication of ‘facts’ of the sort that crumble under even the most casual gaze” kind of material weakness.
Material weakness means you failed the audit, and the firm will not state that the financial disclosures can be relied on.
Material weaknesses
I was looking for its meaning in finance and found this https://www.investopedia.com/terms/m/materialweakness.asp
LOL they are fubar
What? No. He’s known to also eat documents.
Was just listening to an NPR story on this. You could really tell they were toeing the line of just saying “the stock market is bullshit and nothing in it means anything anymore” but not really having the nerve.
The Trump Media conglomerate makes essentially no money. It really doesn’t. Sparse, very few ads. Maybe no subscription service. But it still is massively valued on the stock market basically because a bunch of chuds really like Trump and big investors see it as an easy way to “bet” on who will win the presidency.
The whole thing is a giant spin on the roulette wheel. It’ll either crash and burn or Trump will win and it’ll probably soar into the air again.
Well you gotta spend money to lose money. I think that's how the expression goes?
Well, somebody made money...
"You gotta lose money to declare bankruptcy for the 7th time..."
- donald trump, demonstrably the biggest loser of all time from about any measure outside of volume of fish sandwich diarrhea generated by a human
Hey, hey now. People. Seriously, let’s look at the basic facts here. This is a business that donawld trump owns, okay. I mean - heh - what more do you need? All of his businesses have been stellar successes. Runaway hits, really. And not a single bankruptc- okay yeah there was that one. Two. Okay it - fine three bankruptcies but golly it was a casino okay, you know how hard it is to make money at a casino?? Practically impossible.
Definite buy. Absolutely. More and more.
How the fuck did Convicted Sex Offender Treason Trump spend $58 million on a web site comparible to mastodon.social or lemmy.world? This is the same moron who once said he could build websites comparable to healthcare.com for $3. Lemmy alone has about 2/3 of the number of users as LiesSocial without losing, or spending, $58 million.
https://tech.co/news/donald-trump-three-dollar-website-2015-06
[Donald’s $3 Website Trumps Reality]
The answer is fraud. It is always fraud.
God he is so good at losing money rn
Always has been. It's about the only thing he's actually good at.
He’s also good at sexualizing his daughter. Creepily, disgustingly, probably illegally good at it.
Giving Musk a challenge.
trumpty pumpty dumpty
So surprising! /s
It's stil 6.5 Billion lol. Stock market is a giant meme.