Swirling down the toilet... Trump's Truth Social Reportedly Sees Sharp Drop In US User Base Despite Aggressive Media Push: 'Can't Demonstrate That You Have A Sizeable, Active, Engaged, Growing Audience...' https://www.benzinga.com/news/24/05...er-base-despite-aggressive-media-push-cant-de
Just Truth Social executives going to every MAGA politician demanding an "investigation" of the DJT shorts -- after the SEC told them to buzz off, there is no stock manipulation, DJT is just an obvious short based on its fundamentals. Trump Media asks Louisiana to investigate trading of its shares https://ca.finance.yahoo.com/news/trump-media-asks-louisiana-investigate-215007629.html (Reuters) -The company that owns Donald Trump's social media platform Truth Social said on Tuesday it has sent a letter to the commissioner of the Louisiana Office of Financial Institutions to open an investigation into alleged "illicit activities" in the trading of its shares. The letter, from Trump Media and Technology Group's (TMTG) CEO Devin Nunes to Commissioner Scott Jolly, asks the office to look into any kind of market manipulation and, particularly, whether the trading has violated Louisiana Securities Law. According to the letter, a large number of TMTG's shares traded in the last 30 trading days have been short sales, leading to a high volume of failures to deliver (FTDs), which happen when one party in a trading contract does not meet their trading obligations. Short selling involves borrowing a company's shares and selling them in the hope of later buying them back at a lower price before returning the shares to their owner. The letter published SEC data that indicated FTDs exceeded a million shares on 11 different trading days between April 9 and April 30, reaching a peak of over 2.3 million FTDs on April 29 alone. "The anomalies surrounding the trading of DJT suggest the possibility of unlawful collusion among multiple market counterparties," Nunes wrote. TMTG has been on a roller-coaster ride since going public. An army of Trump supporters and speculators snapped up its shares, sending them soaring as much as 59% in their Nasdaq debut on March 26, but the stock has since reversed those gains, leaving the company with a market value of about $9 billion. The company's tiny revenue, deep losses and sky-high valuation have led many investors to predict their shares would tumble. It reported revenues of $770,500 for the March quarter and an adjusted operating loss of $12.1 million.
DJT stock drops 5% one day after Trump conviction https://finance.yahoo.com/news/djt-stock-drops-5-one-day-after-trump-conviction-200520904.html
So much for all the MAGAs going out and buying DJT. Guess they were too busy donating their money directly to the grifter.
There are MAGA idiots too stupid to know that they are the ones being scammed and will be left holding the bag. The People Who Bought Stock in Trump's Truth Social Are Very Angry Not at Truth Social. They’re angry at the “dark pools” and “naked short sellers” who are preventing them from getting rich. https://www.thebulwark.com/p/the-people-who-bought-stock-in-trumps Bloomberg’s Jason Leopold filed a bunch of FOIA requests with the SEC about Trump’s Truth Social. (DJT is the stock ticker, so that’s what I’m going to refer to it as since “Trump Media & Technology Group” is unwieldy.) There are a lot of shady things about DJT. For instance, in its last quarter it reported gross revenues of $800,000 and net losses of $327 million. Also: It has a market capitalization of $8 billion. With a “b.” Not a typo. Let me give you a sense of scale. I am not privy to Heather Cox Richardson’s financials, but I know a lot about the economics of Substack. Her newsletter—which is excellent—probably brings in 8x the annual revenue of DJT and her total costs are basically her time. So if Heather Cox Richardson’s newsletter was a publicly traded company and it was valued at the same P/E ratio as DJT, then she’d be worth more than the entire market capitalization of APPL and MSOFT combined.1 My point: DJT is not a business. You could make the case that it’s an NFT—a token that people buy to display their fealty to Trump’s brand. No different, really, than a bumper sticker or a flag. Or maybe it’s just a memestock—a publicly traded roulette wheel on which people gamble for entertainment purposes. But I propose that DJT is best understood as an exotic financial instrument that facilitates the voluntary transfer of wealth.2 What’s funny is that when Jason Leopold got hold of SEC complaints about DJT, for the most part they were not from people waving red flags about how this publicly traded company might be a scam. Oh no. The People were complaining that dark, shadowy forces were preventing DJT’s stock price from going even higher. (More at above url)
Let's see what the second lowest bidder auditing firm has to say about the DJT financials. Trump Media shares fall over 5% after new SEC filing with reaudited financial statement https://www.cnbc.com/2024/06/10/djt-trump-media-files-re-audited-financial-statement.html Trump Media submitted an updated inspection of the company’s finances by a newly hired public accounting firm after its last auditor was charged with fraud. The media company is majority-owned by former President Donald Trump and trades as DJT on the Nasdaq. Trump Media hired Semple, Marchal & Cooper, LLP days after the SEC charged its prior auditor, BF Borgers CPA, with “massive fraud.” Trump Media on Monday submitted an updated inspection of the company’s finances by a newly hired public accounting firm, after its last auditor was charged with fraud by the U.S. Securities and Exchange Commission. Shares of Trump Media ended the trading day down more than 5%. The media company, which is majority-owned by former President Donald Trump and trades as DJT on the Nasdaq, said its revised registration statement includes a reaudit conducted by the Phoenix, Arizona-based firm Semple, Marchal & Cooper, LLP. The company behind the social media platform Truth Social said in a press release that its latest filing amends a registration statement from mid-April and is not offering any new shares. The SEC said BF Borgers and its owner, Benjamin Borgers, agreed to pay a combined $14 million in civil penalties and submit to permanent bans from auditing public companies. Despite Monday’s stock drop, Trump Media boasts a nearly $7.5 billion market capitalization, which critics say is wildly disproportionate to the small amount of revenue the company has reported earning. Data shows that the company’s sole product, Truth Social, appears to be struggling to hold on to its user base, which already generates just a tiny fraction of the traffic enjoyed by established social media giants such as X and Facebook.