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Business Donald Trump Social Media

Nervous Trump Tries To Prop Up Failing Truth Social Site With Thursday Morning Internet Postings

As bad financial news continues to pour in for Donald Trump and his teetering Truth Social site, the failed former president took to social media Thursday morning in a desperate attempt to prop up his latest flagging business venture.

With multiple reports of massive financial losses for Truth Social making headlines, the disgraced ex-president resorted to his usual strategy of bombast and outright lies as a defense.

“All of the competitors to TRUTH SOCIAL, especially those in the Radical Left Democrats Party who are failing at every level, like to use their vaunted ‘disinformation machine’ to try and convince people, and it is not easy to do, that TRUTH is not such a big deal and doesn’t “get the word out” as well as various others, which they know to be false. I THINK TRUTH IS AMAZING!’ he wrote. “First of all, it is very solid, having over $200,000,000 in CASH and ZERO DEBT.”

Trump then claimed the reason Truth Social will succeed is because it’s connected to him, even though the long trail of failed businesses carrying his name suggests otherwise.

“More importantly, it is the primary way I get the word out and, for better or worse, people want to hear what I have to say, perhaps, according to experts, more than anyone else in the World. My TV ratings are by far the highest, and my Rallies are not equaled, even close, anywhere or by anyone. Look, I had hundreds of millions of followers on various platforms, and could have them back again, but was cancelled for largely political reasons. Those platforms all want me back…They need me back! On Truth I have 7,000,000 followers……”

In a second post, Trump claimed press reports of Truth Social’s financial struggles were “fake news.”

“So don’t believe the FAKE NEWS. Until I came along and exposed them, they were respected and believed. Now they are the exact opposite. With the Russia, Russia, Russia HOAX. and all of the others, people get it. Look, using TRUTH, I became the Republican Nominee for President of the United States, and in record time! When I ENDORSE a politician on TRUTH, they almost ALWAYS WIN. If it didn’t work, or properly get the word out, I wouldn’t use it – But it does work, and work really well – And the fun is just getting started!!!”

But as Fortune noted earlier this week, the underlying financial health of Truth Social has dragged down its stock price.

“Trump Media’s shares soared in their first couple days of trading — surpassing $79 at one point Tuesday — but have since fallen closer to their initial offering price of $49.95. As of midday Monday, Trump Media’s stock plunged more than 23% to below $48, meaning a lot of early investors are taking a hit.”

It will be interesting to see if Trump Media shares continue to tank on Wall Street today. If they do, the Truth Social could soon become nothing but a memory.

 

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Business Donald Trump Social Media

Trump’s Truth Social Stock Tanks After Report Reveals Site Lost $58 Million In 2023

Just last week, Donald Trump’s new media venture which backs his Truth Social site was flying high, earning him billions on paper and leading some to suggest he might use the rising value of the stock as collateral for a bond to cover the massive court-imposed fines that have been assessed against him.

However, an SEC filing from Trump Media & Technology Group shows that Truth Social lost a massive $58 million in 2023, and that sent shares of the once-rising stock plummeting. As of Noon Monday, the price of a share was down nearly 20%, which suggests the stock is in freefall and not likely to recover, especially since it’s now clear that the venture is a failure.

The collapse of Trump Media & Technology Group’s stock price was predicted by those in the know, including Emily Stewart of Business Insider.

For one thing, TMTG, which owns the conservative Twitter copycat Truth Social, makes basically nothing. According to a new financial filing from the company released on Monday, its total revenue was $4.1 million in 2023. Extrapolate that out, and the stock is trading at something like 2,000 times the company’s annual revenue. That is, um, high. Apple, for example, trades at about seven times its total revenue. And given TMTG’s paltry revenue, it actually lost $58 million last year.

Despite his claims over the years, Donald Trump has never actually been successful at anything other than hyping himself and getting suckers to give him large sums of money that he quickly burns through, leaving everyone but himself wondering what became of their investment.

How could Truth Social, which has a smaller base of followers than both Facebook and Twitter, hope to compete? While the Trump name may have once held some allure, it hasn’t now for years, and with every angry posting Donald makes online, more people are alienated and abandon him.

It turns out that being “anti-woke” doesn’t pay well, Stewart explains in her article.

As much as people say they want to shop and invest their values, it often doesn’t turn out to be the case. Instead, most people opt for the convenient option and whatever they’re most used to doing already. There’s a reason most boycotts don’t work — people are busy and tired. It’s true on the left as well. Dig deep enough, and every company in the world can probably give you a reason not to want to give them your money.

Donald Trump has the stench of a loser all over him. He’s becoming more irrelevant by the day, and if he loses to President Joe Biden in November, don’t be surprised if he winds up filing for personal bankruptcy, even if he has to do so from prison.

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Business Donald Trump Social Media

Trump’s Truth Social Stock Shares Could Be Worth ‘Almost Zero’ In 6 Months

The stock of failed former president Donald Trump’s Truth Social site skyrocketed in value this week, rising from $8.23 a share to $66.22 at the close of trading on Wednesday, boosting the value of Trump’s Media & Technology Group to a market value of $9.4 billion. Since Trump owns 58% of the company, that means he’s now worth $5.2 billion, at least on paper.

And therein lies the rub, according to New York Times Pulitzer Prize-winning reporter Suzanne Craig, who explained on MSNBC’s “The Last Word” that the Donald’s billionaire status is illusory and could plummet even quicker than it rose.

“It’s a very volatile and high-risk stock, so it could be anywhere from worth a lot more in six months to almost zero in six months, we don’t know,” she said.

The meteoric rise of Trump’s social media stock comes at a time when he’s desperate for money to pay massive defamation and fraud judgments against him, and Craig noted he may still not be able to raise the funds he needs to meet his court obligations.

“We don’t know where he’s going to get the money from. He said that he’s going to put up cash, but you can get cash from a lot of places.”

The disgraced ex-president might try to leverage his stock holdings into some sort of loan, but that also seems dicey, Craig explained.

“Who knows what [the shares] are going to be worth in six months. There is speculation he’ll get a loan off those shares. I don’t know who would lend him money on those, because you don’t know what it’s going to be worth down the road.”

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Business Donald Trump Russia

Does The Insurance Company Guaranteeing Trump’s $91 Million Bond Have Kremlin Ties?

To the surprise of many, failed one-term president Donald Trump was able to secure the financial assistance of a large multinational insurance company to underwrite the $91.6 million bond for his appeal of defamation verdicts awarded to writer E. Jean Carroll in January.

According to the Washington Post, the Federal Insurance Company, a subsidiary of Chubb Group LLC, provided the massive bond guaranty.

The bond document establishes a deal Trump made with Federal Insurance Company, a direct subsidiary of the international insurance behemoth Chubb, with global headquarters in Switzerland. The company, one of the largest insurance firms in the world and worth about $100 billion, offers a wide variety of insurance and bonds.

The company’s filings do not break down in detail its business that backs court appeals, but the larger unit — called a “surety” business — consists of several entities and is a longtime provider of bonds in the United States, according to bonding experts.

Chubb, it turns out, has extensive ties to Russia and the Kremlin, with environmental nonprofit group Rainforest Action Network (RAN) reporting on its website, “Chubb CEO Evan Greenberg talks a big game on climate change, but those words ring hollow when examining his company’s business practices. Chubb insures fossil fuel infrastructure in Russia that is bankrolling Putin’s war on Ukraine, oil and gas extraction off the coast of Brazil, exploratory drilling in the Arctic, and other fossil fuel projects globally.”

Former New York Times investigative reporter Seth Abramson also notes that Chubb has significant Russian connections.

“This is the biggest news in the United States right now. Anyone who reads this article will understand that I’m not exaggerating when I say as a journalist that America is now in the midst of a national security crisis. We are now right back where we were in 2016. It’s bad,” Abramson warned on Twitter/X.”

It has long been suspected that Trump and his company, the Trump Organization, have connections to Russian entities. The disgraced ex-president has repeatedly praised Russian president/war criminal Vladimir Putin, recently saying that if he manages to defeat President Joe Biden in November, he will allow Russia to “do whatever the hell they want” to NATO nations who don’t pay enough for their security.

The national security implications of Trump taking money from a company that invests heavily in Russia are massive and terrifying, especially since the ex-president is scheduled to start receiving weekly national security briefings now that he’s been declared the presumptive 2024 Republican presidential nominee by the GOP.

Can we as a country allow this to transpire right in front of our eyes and not demand accountability from both Chubb and Trump? At the very least, the Department of Justice needs to take a long hard look at the bond agreement and see if it violates federal law in any way whatsoever.

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Business GOP Social Media

J.D. Vance Tries To Troll Mark Cuban And Gets His A*s Handed To Him

Sen. J.D. Vance (R-OH) found out in short order that if you’re going to go after a public figure such as billionaire Mark Cuban, you’d damn well be certain that the person you troll isn’t better at that sort of online warfare than you are.

The social media back-and-forth began between Vance and Cuban when Cuban tried to explain to a writer for the right-wing “humor” website Babylon Bee that corporations institute DEI (Diversity, equity, and inclusionpolicies because they work and make their employees happier, which means they’re more productive.

That’s when Vance decided to stick his nose where it didn’t belong.

Cuban was more than equal to the challenge laid down by Vance, and he put him in his place by using facts.

Vance has not yet responded to Cuban, and if he has a shred of common sense (which he has yet to demonstrate), he’ll take his online ass kicking and move on to other topics.

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