Stock Market

Trump’s Truth Social Scam Crashes as He Brags that It’s Booming Because He’s Winning (He’s Not)

Posted by on November 1, 2024 at 3:37 pm. 1 Comments :

Donald Trump is fond saying that any good news that happens anywhere in the world is due to him or the perception that he is likely to return to power. And conversely, that his not having control of the reins of government is responsible for any bad news. It’s a win-win perversion of reality that feeds his massive, yet fragile, ego.

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Donald Trump Circling the Drain

However, many psychological experts and academics agree that the debilitating severity of Trump’s psychoses make him unfit for any position of authority. His obvious cognitive deficiencies forebode catastrophe were he to reoccupy the White House. A warning was issued recently in “a letter signed by more than 200 mental health professionals” who said that…

“Donald Trump is dangerous because of ‘his symptoms of severe, untreatable personality disorder – malignant narcissism’, which makes him ‘grossly unfit for leadership.’ [and that he poses] an existential threat to democracy. [and that he] shows a lifetime pattern of ‘failure to conform to social norms and laws,’ ‘repeated lying,’ ‘reckless disregard for the safety of others,’ ‘irritability,’ ‘impulsivity,’ ‘irresponsibility,’ and ‘lack of remorse.

Those symptoms were evident in remarks Trump made at his cult rally Thursday in Nevada. Among his diversions from the real world was a detour he took lauding his failing Twitter ripoff, Truth Social. As usual, he sought to portray everything that he touched as golden, no matter how absurdly misguided (video below). He said that…

“‘Sir. You’ll never get the name ‘Truth,’ sir. That’s a term that you will never get.’ I said I only need five letters, right?. I said ‘Wouldn’t ‘Truth’ be great?’ They said ‘Sir, you won’t get it. You won’t get it.’ I said ‘Check.’ They said ‘Sir, I will, but you’re not gonna get it.’ ‘CHECK!’ And they came back, ‘Sir, it was available and we bought it for $2,000.’ Can you believe it?”

Let’s pause here to note that this is another one of Trump’s wholly imaginary discussions with the voices in his head who always call him “Sir.”. However, the fact is that he did not get the name “Truth” for his website. He got “Truth Social.” The “Truth” dot com domain is currently owned by a hardware business in Owatonna, Minnesota. Undaunted, Trump continued…

“And then it had a little burst. I don’t know what the hell’s going on. So. here’s my friend, he said they deplatform you, they take it all away, they try to destroy you. And you open up something and, as of yesterday it was worth 10 billion crazy dollars. Did you see that? Ten billion dollars, Mr. Senator. And they are going crazy.”

It’s pretty safe to agree with Trump when he admits that “I don’t know what the hell’s going on.” Although he’s also right about the current net asset value of the stock of Truth Social’s corporate parent, Trump Media and Technology Group (TMTG). However, that value is entirely the result of the rubes who invest because they are indoctrinated members of the Trump cult.

TMTG makes a relative pittance and is losing millions. Were it to be valued according to its earnings it would be a penny stock. However, when the stock recently rose in value, Trump declared that it was because he was beating Kamala Harris in the polls by a lot (he wasn’t), and that investors believed he was going to be the victor in the election. But that would be a preposterous foundation on which to invest. He is more than likely to lose, and the company would still be pretty much worthless if he won.

That said, as Trump was bragging about the value of the Truth Social, it’s value was taking a nosedive. This week it dropped about 46% from its intraweek high. Would Trump now say that the reason for that collapse is that he’s losing in the polls and and investors expect Harris to beat him next week? Not likely. That’s where the defense mechanism of his mental maladies kicks in. His psyche is immune from harm because all he can see is his perceived greatness.

BONUS UPDATE: Trump Media Outsourced Jobs to Mexico Even as Trump Pushes “America First”

In the meantime, here is a brief record of the disastrous existence of Truth Social and TMTG…

Trump Media is Purging Those Too Weak to Keep Up the Crumbling Truth Social Scam (ProPublica)
An investigation of TMTG by ProPublica has just uncovered yet another example of the company’s corruption. The report found that “people with knowledge of the company” have confirmed that several top executives of the company appear to have been ousted following an internal investigation by a lawyer that the company hired to examine allegations of “mismanagement” and “misuse” of funds by it’s CEO, and Trump flunky, Devin Nunes.

LOSER Trump’s Truth Social is Well on its Way to Becoming His Next Bankruptcy
TMTG reported its earning for the second quarter of 2024. And it was not a pretty sight. As reported by Investor’s Business Daily, “Trump Media reported net sales of $836,000, down 30% vs. a year earlier. Operating costs soared to $19.5 million vs. $4.9 million a year earlier.”

Trump’s Truth Social is Shedding Users Like a Miserable Childless Woman’s Mangy Cat
The Donald Trump-controlled Truth Social platform recorded its third straight month of declining traffic. Truth Social attracted 2,112,000 unique visitors, down 38% compared to June 2023 when the site generated 3,407,000 unique visitors. It was the platform’s second worst traffic performance since June 2022 when Truth Social had only 1,891,000 unique visitors.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

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And check out my books on Amazon:

Fox Nation vs. Reality:
The Fox News Cult of Ignorance.

Thanks so much for your support.

Trump’s Promise Not to Sell His Truth Social Stock May Land Him in Financial and Legal Peril

Posted by on September 14, 2024 at 10:36 am. 7 Comments :

The candidacy of Donald Trump for president is historic in many respects, none of which are actually respectable. For instance, he is the first candidate to have had three wives, all of whom he cheated on, including with a porn star whose silence he tried to buy for $130,000.00. He is the first to have hosted a sham reality TV game show, but had no experience in government or military service. He is the first to have been adjudicated as a rapist.

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Donald Trump, Stock Market

In addition to his continually lengthening rap sheet, Trump is also the first candidate of a major political party (if we can still call the Republican Party that) to be running after having been convicted of 34 felonies, with another 52 charges pending. With that sort of record, the last thing that Trump needs is to engage in more criminal activities that burnish his credentials as an aspiring mob boss.

SEE THIS: WHOA! Did Trump Just Admit that He’s Guilty and is Whining that He Couldn’t Make a Plea Deal?

Nevertheless, this week Trump may have set himself up for some more indictments related to his notoriously unscrupulous business operations. At a press avail staged at his Palos Verdes, California, golf resort, Trump was asked a question about the abysmal performance of his Trump Media and Technology Group (TMTG) stock that has lost more than three quarters of its value since its March debut on the NASDAQ stock exchange…

Reporter: Trump Media shares (DJT) are down about 75% since their peak in March. Your lockdown provision ends soon. Will you sell your shares?
Trump: No, I’m not selling. I love it.

Driving the point home, Trump later repeated that “I’m not gonna sell my shares. I don’t need money” Which makes it all the more curious that he is constantly begging his cult followers for more donations and trying to sell them garbage like Trump-branded sneakers and bibles. But more to the point, Trump has now made a declarative statement that he is not going to sell his shares of TMTG when the lock-up period expires in the next week or so.

The problem with that is that, now, if Trump does sell, he could be in violation of Federal securities fraud laws governing stock manipulation and subject to up to 20 years in prison. It is illegal for company principals and major shareholders to mislead investors as to their future positions in a stock.

The reason for these laws was evident in the movement of the stock following Trump’s statement. The stock jumped $4.00 (a 27% increase) after he made this comment. Then it fell back a couple of bucks before the NASDAQ briefly suspended trading. But the effect was obvious to everyone but Trump, who posted a furious complaint on his failing Truth Social website…

“Why is NASDAQ halting the sale of DJT? What right do they have to do this? They have done it twice today. What’s going on? Are they taking orders from the SEC, which, for political reasons, delayed us for an inordinate amount of time, therefore hurting the stock very badly? I am going to hold NASDAQ, and maybe the SEC, liable for doing what they are doing. If they do it again, we will move the stock to the New York Stock Exchange. It is my intention to own this stock for a long period of time. In my opinion, it is THE REAL VOICE OF AMERICA, but it is definitely MY VOICE, and it will be for a long time to come!”

Naturally, Trump was outraged for what he can only perceive as a personal attack on his eminence that involved some imaginary, widespread, “Deep State” conspiracy against him. The temporary delay in trading was a routine response to unusual volatility in the stock. It was not for “an inordinate amount of time.” It was for five minutes, twice, to protect investors from potential fraud. But no one will be surprised that Trump resorted to issuing a threat in response to the prudent measures taken as a result of his irresponsible – and likely dishonest – comments.

In the next week or so we will see whether Trump keeps his word not to sell any of his shares. If he does sell, it will not only tank the stock, causing major losses for the remaining shareholders, it will make Trump liable for potential charges of stock manipulation, as well as lawsuits from other shareholders. And all of this is unfolding in the final weeks of the presidential campaign when he is already suffering major political losses.

The troubles that are drowning Trump’s website and stock are nothing new. What follows are a few of the financial and legal blows that his failing enterprise has endured…

LOSER Trump’s Truth Social is Well on its Way to Becoming His Next Bankruptcy
Trump Media reported net sales of $836,000, down 30% vs. a year earlier. It was the third straight quarter of roughly $800,000 in revenue, up slightly from Q1’s $770,500. Operating costs soared to $19.5 million vs. $4.9 million a year earlier.

Trump’s Truth Social is Shedding Users Like a Miserable Childless Woman’s Mangy Cat
The Donald Trump-controlled Truth Social platform recorded its third straight month of declining traffic. Truth Social attracted 2,112,000 unique visitors, down 38% compared to June 2023 when the site generated 3,407,000 unique visitors. It was the platform’s second worst traffic performance since June 2022 when Truth Social had only 1,891,000 unique visitors.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

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Fox Nation vs. Reality:
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Circling the Drain: Trump’s Truth Social Craters Since the Kamala Harris Speech at the DNC

Posted by on August 27, 2024 at 1:53 pm. 1 Comments :

The campaign strategies of Donald Trump have always rested on his dystopian nightmares of what the world will become without his divine direction as dictator. He credits himself with every positive occurrence that happens whether he is in office or not. And he blames his foes for any negative outcomes even when he is obviously at fault.

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Donald Trump Circling the Drain

The acute case of malignant narcissism that Trump suffers from leads him to wallow in a constant stew of psychoses alternating between victimhood and delusions of grandeur. All the while he fantasizes about triumphing over his opponents with villainous glee and powers that he doesn’t have.

SEE THIS: Wannabe Dictator Trump Seeks to Cancel Kamala Harris asking: ‘What Gives Her the Right to Run?’

Lately Trump has been fear mongering about a 1929-style stock market crash if Kamala Harris is elected. He’s also claiming that the Market’s steady rise is due to investors believing that he will return to the White House. For instance, Trump said this just two weeks ago…

“Many people say that the only reason the stock market is up is because people think I am going to win. Did you ever hear that? But there was one day a couple of weeks ago when they were not thinking that and you saw what happened. This will be a 1929 crash.”

These self-serving and ignorant remarks raise three salient points:

  • 1) He’s been predicting a Stock Market crash for years without it ever coming to pass. He did it when he was running against both Hillary Clinton and Joe Biden.
  • 2) It’s ridiculous to say that stock values trade on speculation about partisan politics, rather than earnings and the economy.
  • 3) Why would investors think that Trump is going to win when Harris has taken the lead in virtually every poll and has all of the momentum?

Let’s just set aside Trump’s preposterous prophecies about the Market and instead take a look at the real world results of an enterprise that he actually has some influence over. His Trump Media and Technology Group (DJT) is the parent company of his floundering social media scam, Truth Social. And its recent performance is an illuminating indicator of his fabled business acumen.

Just in the few days since Kamala Harris delivered her nomination acceptance speech at the Democratic National Convention, Trump’s stock has declined 18%. In the same time frame the Dow Jones index rose 1.3%. And taking a broader view, DJT dropped precipitously in the past three months since the stock became publicly traded. It is down a whopping 57%, while the the Dow is up 6.6%.

UPDATE: Adding to the pressure on the stock price of Trump’s media scam is that its own executives (CEO Devin Nunes, COO Andrew Northwall, CFO and treasurer Juhan Phillip) are selling huge chunks of their shares. Perhaps that is their attempt to bail out before Trump has a chance to sell his shares, which isn’t until September 20.

The troubles that are drowning Trump’s website and stock are nothing new. What follows is a partial collection of the tribulations – financial and legal – that his failing enterprise has endured.

LOSER Trump’s Truth Social is Well on its Way to Becoming His Next Bankruptcy
Trump Media reported net sales of $836,000, down 30% vs. a year earlier. It was the third straight quarter of roughly $800,000 in revenue, up slightly from Q1’s $770,500. Operating costs soared to $19.5 million vs. $4.9 million a year earlier.

Trump’s Truth Social is Shedding Users Like a Miserable Childless Woman’s Mangy Cat
The Donald Trump-controlled Truth Social platform recorded its third straight month of declining traffic. Truth Social attracted 2,112,000 unique visitors, down 38% compared to June 2023 when the site generated 3,407,000 unique visitors. It was the platform’s second worst traffic performance since June 2022 when Truth Social had only 1,891,000 unique visitors.

Are Trump’s Nazi Videos and Hateful Posts Why Truth Social Lost $327 Million and 19% of Users?
In the just first quarter of 2024 TMTG lost $327 million on revenue of less than $1 million. Which makes its stock valuation of $6 billion something of a joke. What’s more, Truth Social lost nearly 20% of their active users in the past year.

Trump’s Truth Social is Revealed to Be Another Terribly Risky Trump Scam – By Its Own Prospectus
A quick look at the company’s prospectus should frighten off any astute investors. It is exposed as “a high-risk, speculative operation with few hard numbers behind it. It’s already the subject of subpoenas, from regulators and a grand jury, even though it’s barely off the ground.”

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

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Fox Nation vs. Reality:
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LOSER Trump’s Truth Social is Well on its Way to Becoming His Next Bankruptcy

Posted by on August 10, 2024 at 3:49 pm. 1 Comments :

The last thing that Donald Trump needs now, as his campaign flounders in the wake of the Kamala Harris tidal wave, is for his business enterprises to crumble under the weight of his incompetence. Trump has already had numerous companies fail, including his egomaniacally self-branded meat, vodka, airline, university, and four (count ’em 4!) casinos.

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Donald Trump Circling the Drain

Trump’s resume in business was supposed to be a validation of his qualifications to serve as president. Instead, it is actually evidence of his ineptitude, which was affirmed by the abysmal job he did during his occupation of the white House. He mismanaged the COVID pandemic with horrific results. He tanked the economy. He alienated our international allies. He lost a record number of jobs. In other words, he did to America what he did to his bankrupt businesses. Yet he has the gall to disparage the leadership of Biden and Harris.

SEE THIS: UH-OH! Trump Meltdown Reveals Kamala Harris Plot to ‘Destroy’ the ‘County’ of America

On Friday the Trump Media and Technology Group (TMTG, parent company of of Truth Social), reported its earning for the second quarter of 2024. And it was not a pretty sight. As reported by Investor’s Business Daily…

“Trump Media reported net sales of $836,000, down 30% vs. a year earlier. It was the third straight quarter of roughly $800,000 in revenue, up slightly from Q1’s $770,500. Operating costs soared to $19.5 million vs. $4.9 million a year earlier.”

So TMTG is sinking faster than a boat with an electric battery. Watch out for the sharks – and the windmills, and Hannibal Lecter. Its stock (DJT) has dropped a whopping 63% since its late March high when it went public. It has a wildly unworthy valuation of about $5 billion, despite having no revenue to speak of, and massive losses. So it has a lot of room to fall even farther.

The weakness of Trump’s stock makes it less useful as a vessel to funnel laundered funds to him by his political allies, which include foreign interests. There was speculation that such illegal tactics were being used to buy influence with Trump should he be reelected. And those weren’t the only legal shenanigans associated with TMTG. There has been a rash of civil and criminal charges that plagued the enterprise and its principles from its inception, including disclosures of alleged funding from Russia.

Trump’s personal stake in the company could net him a hefty windfall. But he can’t cash out until late September. The stock is likely to have lost significantly more value by then. And if he does sell, it will trigger a crushing rush to the exits that could cripple the company and its future prospects as a going concern. Not that he cares. Trump’s modus operandi has been to run companies into the ground, skim off the cream at the top, and let everyone else suffer from the financial catastrophe that he created. This will be just be more of the same.

SEE ALSO: Trump is Trying to Provoke Panic Over a Common Stock Market Drop to Save His Failing Campaign

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Trump is Trying to Provoke Panic Over a Common Stock Market Drop to Save His Failing Campaign

Posted by on August 5, 2024 at 11:48 am. 0 Comments :

President Biden is going to go down in history as patriot who always put his country before his own personal interests. That display of character was recently demonstrated again when he stepped aside and endorsed his Vice-President, Kamala Harris, to succeed him as the Democratic candidate for president.

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Donald Trump, Stock Market

For contrast, Donald Trump has always put himself before country and every other concern that wasn’t directly associated with his selfish aspirations for money or power or self-aggrandizement. Not to mention his compulsion to avoid going to prison. His malignant narcissism is so severe that he has openly expressed an explicit desire for catastrophes that would harm millions of Americans if it helped him in some way.

SEE THIS: Trump’s Cult Cheers His Hope that Americans Suffer a ‘Great Depression’ While Biden is President

On Monday morning Trump sought to exploit a decline in the stock market for his personal, political benefit. He posted a comment on his floundering social media scam, Truth Social, whose purpose could only be interpreted as a deliberate attempt to stoke needless panic and turn a small market dip into major disaster. He wrote that…

“Of course there is a massive market downturn. Kamala is even worse than Crooked Joe. Markets will NEVER accept the Radical Left Lunatic that DESTROYED San Francisco and California, as a whole. Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!”

This is just plain weird, as well as flagrantly untrue. First of all, if Trump wants to blame Harris for the wealth and prosperity of San Francisco and California, she probably won’t mind. Secondly, if the performance of the stock market is a reflection of the Biden/Harris administration, then it’s pretty good reason to vote for Harris and every other Democrat on the ballot. Thirdly, Trump is crawling out onto a pretty weak limb with his fear mongering about a “GREAT DEPRESSION.”

For the record, there was a real stock market crash in late 2008 during the GW Bush term that took the markets down 37%. The S&P index is down only about 2% today, and only 6% from its all time high. That’s a minor and expected correction from the 17% rise in the past year, and the 36% gain since Biden and Harris took office. What’s more, markets worldwide are also down about 2%. Does Trump think that Biden and Harris are also the leaders of every other country on the planet?

Financial experts know that markets are not driven by presidential politics. The gains and losses are due to the performance of the companies that comprise the indexes and the broader state of the economy. Which in this case is firing on all cylinders. Profits are at record highs. More jobs have been created than at any time in modern history. Manufacturing has returned to the U.S. from foreign shores. Wages are rising faster than inflation.

For a look at what bad management does to a company on the stock exchange, take a look at Trump Media and Technology Group (TMTG: ticker DJT) that is the parent corporation of Truth Social. While the broader markets are down about 2% today, DJT is down 8%. Furthermore, it is down a whopping 34% since it went public just four moths ago.

MORE HERE: Trump’s Truth Social is Shedding Users Like a Miserable Childless Woman’s Mangy Cat

Trump’s fear mongering is not just purposefully dishonest, it’s downright dangerous. He is trying to create a worse outcome by driving people to panic. He actually wants America to fail, and for people to get hurt, in order to prop himself up politically. And his cronies in Congress are playing along.

Trump seems to know that the only way he can win is for the American people to suffer. So he’s doing everything he can to produce that result. And anyone who is considering voting for him better reconsider. He’s not on your side. He’s only for himself. And he has no solutions to any of the problems that real people are facing. He has only whining, lying and fear mongering.

UPDATE I: The day following the “massive market downturn” that Trump said was leading to a “GREAT DEPRESSION,” the market gained back more than half of the prior day’s decline.
UPDATE II: Three days after Trump’s “GREAT DEPRESSION,” prediction, the market has recovered more than its losses. It is now higher than it was on before his gloomy and ridiculous prediction.

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From Hush Money to Flush Money: Trump’s Felony Convictions Trigger ~50% Truth Social Stock Flop

Posted by on June 20, 2024 at 1:40 pm. NO Comments :

It has been nearly a month since Donald Trump was found guilty of 34 felony counts of falsifying business records in order to cover up his affair with adult film star, Stormy Daniels. Trump and his team have been frantically reacting to his being the first former president ever to be convicted of felonies by alternately whining that the system is “rigged” against him, and/or bragging that it’s all going to be a huge benefit for him. Which means that he doesn’t really believe either of those scenarios.

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Donald Trump, Stock Market

In the wake of his convictions, Trump has been shaken by the reality that he is facing potentially severe consequences when his sentencing is handed down next month. He’s behaving like a desperate reality TV show character who is scared witless and is grasping at any notion that will relieve his fears. He is even lashing out at supporters, including his Ministry of Propaganda, Fox News…

SEE THIS: TRUMP IS RIGHT! In a Mad Rage, Felon of Foy Declares that ‘Nobody Can Ever Trust Fox News’

However, Trump’s problems are not confined to his legal dilemmas. In the few short weeks since he was convicted, his financial fortunes have taken a significant hit. The stock for his floundering social media scam, Truth Social, has lost nearly 50% of its value, declining from about $52.00 on the day his verdict was announced, to about $27.00 now. The most recent drop came after early investors unloaded their shares on the first day they were allowed to by the Securities and Exchange Commission.

“The share price of Truth Social owner Trump Media & Technology Group (TMTG) slid by more than 17 percent in after-hours trading on Tuesday, showing that investors were wary of additional shares being approved for resale by the Securities and Exchange Commission and possibly diluting their holdings — and more generally that there’s just not a very strong business case for the outfit’s once-soaring share price.”

That decline is just what has occurred since Trump was convicted. The stock is down even more (66%) from its $80.00 high three months ago. All of this means that the value of the enterprise to Trump is shrinking by the day. And he is subject to a share lock-up that prohibits him from selling any stock until late September. By then it could – and should – be essentially worthless.

Trump’s Truth Social has never been a a good business or investment. It has been unable to attract or maintain a significant user base. It has failed to produce sufficient revenue to remain in business. It has been horribly mismanaged by incompetents and criminals. What follows are some of the reasons that anyone succumbing to the scam was foolish and destined for disaster…

Are Trump’s Nazi Videos and Hateful Posts Why Truth Social Lost $327 Million and 19% of Users?
In the just first quarter of 2024 TMTG lost $327 million on revenue of less than $1 million. Which makes its stock valuation of $6 billion something of a joke. What’s more, Truth Social lost nearly 20% of their active users in the past year.

Trump’s Truth Social is Revealed to Be Another Terribly Risky Trump Scam – By Its Own Prospectus
A quick look at the company’s prospectus should frighten off any astute investors. It is exposed as “a high-risk, speculative operation with few hard numbers behind it. It’s already the subject of subpoenas, from regulators and a grand jury, even though it’s barely off the ground.”

Trump’s Truth Social Reports Massive Losses and Warns that it Could Go Out of Business
A Securities and Exchange Commission (SEC) filing by the company reveals its financial frailty. The report paints a pitiful picture of the enterprise’s prospects going forward and reveals that it has lost $31.5 million since it opened for business just two years ago.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

Be sure to visit and follow News Corpse
on Twitter and Facebook and Instagram and Threads.

And check out my books on Amazon:

Fox Nation vs. Reality:
The Fox News Cult of Ignorance.

Thanks so much for your support.

Trump Brags that Truth Social is the ‘Voice’ of His ‘Movement’ and Begs His Cult to Support It

Posted by on April 12, 2024 at 1:38 pm. NO Comments :

Shortly after Donald Trump incited the violent insurrection at the Capitol on January 6, 2021, he was banned from Twitter in order to prevent him from fomenting more riots by spreading more lies about the 2020 presidential election being “rigged and stolen” from him.

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Donald Trump

In retaliation for that preventative measure by the responsible moderators at Twitter at the time, Trump launched his own social media site, Truth Social, that he promised would be a bastion of free speech for everyone. Of course, that was never the purpose of the site. It was always intended to be a platform for Trump to disgorge his rancid rants that consisted almost entirely of attacking his enemies, exalting himself, and funneling cash into his own pockets. The latter of which hasn’t worked out particularly well for him…

SEE THIS: Trump’s Truth Social Craters in First Week of Trading, Auditor Doubts Its Ability to Continue

In the few weeks that the Trump Media and Technology Group (TMTG) stock has been listed on the NASDAQ, it has suffered devastating losses. It has declined 62.5% from the high it hit on its first day of trading. Anyone who invested in it, and didn’t sell on day one, has already lost a bundle. It’s CEO couldn’t account for its flopping on Fox News. And it’s only gonna get worse.

Consequently, Trump is attempting to pump up the stock so that there is something left for him when he is legally able to dump it. Which, barring any favors from the TMTG boar, won’t be for six months. So on Friday morning Trump posted a comment on Truth Social to beseech his glassy-eyed cult disciples to bail him out.

“I am so proud of Truth Social, because I believe it represents the Make America Great Again Movement, and it shows the Spirit and Love of our Country. If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before, and a Real Voice is what our Country needs, because we are in decline, and must bring America to Greatness. Think of this as a Movement, the Greatest Movement in the History of our Country. We are going to Save our Country, and Make America Great Again, GREATER THAN EVER BEFORE!”

Let’s set aside the pathetic spectacle of this fake billionaire begging his saps to salvage his sinking social media scam. And never mind the absurdity of Trump praising it as a place that “shows the Spirit and Love of our Country,” when it’s mostly a fetid swamp of hostility and negativity. Even in this comment Trump maligns America as a country “in decline.”

What Trump is actually revealing here is that the site is not, and never was, the Internet “town hall” that he promised. He is now saying explicitly that it is his vehicle to exclusively promote his interests and to advance his “movement.” And therefore, he implores his MAGA minions to “support TRUTH.” In other words, join and prop up his failing business and stock.

So according to Trump, Truth Social isn’t really a free speech platform at all. It’s the PR arm of a partisan movement (aka cult), and slush fund generator for Dear Leader. But if it were truly “the Greatest Movement in the History of our Country,” he wouldn’t have to shamelessly solicit this support, and sponge off of his pitiful flock, and lie about his imaginary success. But then again, when has he ever done anything but that?

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Fox News Host Asks Trump’s Truth Social CEO About its Stock Flop, Gets Babbling Lies in Response

Posted by on April 7, 2024 at 1:04 pm. 2 Comments :

The saga of Donald Trump’s frequent financial failures continues unabated into the 2024 presidential election cycle. The most recent example of a Trump enterprise that is destined to go belly up is his ego-driven social media scam, Truth Social, that he launched after he was banned from Twitter for posting flagrant and dangerous lies.

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Donald Trump, Stock Market

In its short history, the Trump Media and Technology Group (TMTG), which runs Truth Social, has racked up an impressive record of failure. It has lost millions of dollars, been investigated for securities fraud, and seen its early investors arrested for insider trading. And to top it off, its newly listed stock suffered a massive meltdown, resulting in fortunes being lost by Trump’s most devoted supporters.

SEE THIS: Trump’s Truth Social Craters in First Week of Trading, Auditor Doubts Its Ability to Continue

On Sunday morning Devin Nunes, the CEO of TMTG, and former Trump-fluffing GOP congressman, was interviewed by Maria Bartiromo on Fox News. The segment began with a surprisingly accurate summary of the troubles the stock encountered in going public. Bartiromo, ordinarily an ardent purveyor of pro-Trump propaganda, prefaced her interview with some uncharacteristically (for Fox News) factual information (video below)…

“President Trump’s media company has had a volatile two weeks. The stock finished down about 30% this week. The company, which operates Trump’s Truth Social platform, lost $4 billion in market value after gaining six billion in value during its debut on the Nasdaq two weeks ago. For 2023, Trump media posted a loss of $58 million on revenue and $4.1 million in a regulatory filing. The company also disclosed that its auditor had raised concerns about its ability to continue operating before its recent merger and IPO.”

OUCH! Bartiromo then introduced Nunes and asked him pointedly, “When would you expect this company to turn profitable?” Notice that Nunes never comes close to answering the question. Instead, he rambles incoherently about unrelated and/or imaginary obstacles that he says the company has faced. And true to the Trump ethos, the company was a victim of a devious cabal of covert enemies conspiring against it.

“Look, it’s important to remember that those numbers are based on what was the longest IPO in history. So we were over regulated. So if you actually look at the cost we built Truth Social – our beachhead against Big Tech, an impenetrable beachhead that everybody said couldn’t be done without using Big Tech companies – that was built for a fraction of what many of these Big Tech dinosaur companies were built for. So even if you take the ridiculous cost that it took us to get to this point, we are well positioned. Why are we well positioned? Because we have no debt. We’re coming out of this with no debt, a platform that works really, really well, that communicates to millions of people. And then we have $200 million in the bank.”

For the record, it was not the longest IPO in history. And his definition of “over regulated” just means having been required to comply with the same laws that every other company does prior to a stock market listing. If it was launched on the cheap, as Nunes claims, that’s apparent in how often it has crashed, including on the day it premiered on the NASDAQ. So much for it being “a platform that works really, really well.”

As for Nunes’ claims that the company is “well positioned” and free of debt, that reeks of stock fraud considering its huge losses, of which about 67% is interest on outstanding loans. Undeterred by reality, Nunes then unleashes a buzzword salad, saying that he is looking at “the entire ecosystem,” and asserting that the primary question his business is asking is “What does it take to make sure that we protect people in the United States and around the globe from these tyrants of Big Tech who want to silence them?” See? It’s all an altruistic venture for Nunes and Trump.

Of course, Nunes is not alone in his deceitful grifting. Trump has also been pumping this dump of a stock. A few days ago he posted a comment blasting all of his competitors as “those in the Radical Left Democrats Party who are failing at every level.” And he touted Truth Social as “the primary way I get the word out and, for better or worse.” It’s interesting that he acknowledges the “worse” part of that. Then he claimed that “people want to hear what I have to say, perhaps, according to experts, more than anyone else in the World.” And by “experts” he means his MAGA cultists and other assorted rubes, such as his army of disbarred attorneys and the incarcerated January 6th insurrectionists.

If Nunes’ appearance on Fox News is successful in getting some more of their viewers to buy TMTG stock Monday morning, it may get a bit of bounce. But in the end it is still likely to sink to a level approaching the amount of debt that Nunes says the company has – ZERO! And they will get what they deserve for believing an obvious con men.

UPDATE I: Apparently Nunes’ appearance on Fox News was not successful (surprise). Rather than the bounce he hoped for on the Monday morning following his interview, the TMTG stock dived another 10%, putting it down about 55% from it’s high, and below it’s opening price one the first day of trading.

UPDATE II: One week later, the stock is continuing to decline. So the company announced that it is issuing 21.5 million new shares, diluting the value even more.

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Trump’s Truth Social Craters in First Week of Trading, Auditor Doubts Its Ability to Continue

Posted by on April 1, 2024 at 12:30 pm. 4 Comments :

The myth of Donald Trump as a savvy businessman has been circling the drain for decades. In reality he is a nepo-baby who inherited his wealth and promptly lost much of it in failed real estate deals and multiple bankruptcies. He only managed to salvage his reputation by working as a TV game show host for fourteen seasons of “The Apprentice,” where he playacted as a successful and ruthless CEO.

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Donald Trump Circling the Drain

Trump’s latest misadventure in business is his Trump Media and Technology Group (TMTG), a hollow shell of company formed by stealing a Twitter clone’s code and merging with a blank-check place holder on the Nasdaq stock exchange. From its inception it has stumbled through financial and legal sinkholes that would spell doom for any business not fronting for a populist cult leader.

New filings by TMTG show just how dismal the financial condition of the company is. NBC News is reporting that…

“Trump Media and Technology Group, which operates the Truth Social platform, reported it lost $58.2 million in 2023 while generating total revenues of $4.1 million, according to the Monday filing with the Securities and Exchange Commission. Trump Media listed its largest expense for the year as interest payments totaling more than $39 million.”

So TMTG is operating deep in the red, just like most of the red states where Trump’s most devoted disciples reside. And it’s notable that about 67% of the company’s reported expenses are in interest payments. That means they are heavily leveraged with loans that they will likely have trouble repaying considering their feeble revenue. The report went on to reveal even more ominous news, saying that…

“‘The filing includes a note from an independent accounting firm, Colorado-based BF Borgers CPA PC, warning that Trump Media’s ‘operating losses raise substantial doubt about its ability to continue as a going concern.’ The firm has worked with Trump Media since 2022.”

Anyone with even a novice’s knowledge of investing would have recognized that TMTG (with the doom-fated ticker symbol, “DJT”) was a catastrophe waiting to happen. And in its very first week on the stock market, it proved its worthlessness. Following the release of its financial filing the stock nosedived about 20%. It quickly sunk to the level that it priced at on its opening day a week ago. Shareholders who bought in at the beginning lost as much as 38% as the stock dropped from its high of $79.00 to under $50.00.

A lot of the press chatter about the stock has focused on the potential windfall it would present for Trump. At one point he was said to have gained a paper bounty of $6 billion. However, that presupposes that he sells his shares while stock price remains in the stratosphere. Which is a ship that has already sunk.

Furthermore, Trump is bound by a lock-up provision that prohibits him from selling any shares for six months. While the TMTG board – made up of mostly Trump flunkies – could vote to waive that provision, it would still be problematic for him to sell. For one thing, it would immediately tank the share value of the stock. That would impact the holdings of all of the board members and temper any enthusiasm to give Trump a waiver.

What’s more, if the board did give Trump a waiver, it would open the board members up to lawsuits from every other shareholder, including deep-pocketed institutions, who would lose money as a result. It would, therefore be pretty stupid for the board to vote for a waiver that would cost the board members millions and put them in massive legal peril.

Would they do it anyway? Maybe. It is, after all, a cult. And the cult leader gets his way. He is even suing the founders of Truth Social for allegedly mismanaging the company in its early days. Although it is a retaliatory suit, because those founders sued him first for trying to deprive them of the shares they were contractually promised.

In addition to the financial risks for investors. TMTG poses a grave national security risk. Adversarial foreign interests could exploit the stock as a backdoor to funneling money (i.e. bribes) to Trump. Vladimir Putin and/or his Russian oligarchs, Mohammed Bin Salmon, Xi Jinping, and even wealthy, allegedly American billionaires, could simply purchase shares of TMTG to artificially inflate its stock price in exchange for “favors” from Trump.

All of this exposes Trump’s stock as a potentially dangerous vehicle for investors, as well as for all Americans and the sovereignty of the nation. The sooner it flatlines (representing its true value) the better. For the record, here are some other recent stories about Trump’s misadventures in social media and the stock market…

Trump’s Truth Social is Revealed to Be Another Terribly Risky Trump Scam – By Its Own Prospectus
A quick look at the company’s prospectus should frighten off any astute investors. It is exposed as “a high-risk, speculative operation with few hard numbers behind it. It’s already the subject of subpoenas, from regulators and a grand jury, even though it’s barely off the ground.”

Trump’s Truth Social Reports Massive Losses and Warns that it Could Go Out of Business
A Securities and Exchange Commission (SEC) filing by the company reveals its financial frailty. The report paints a pitiful picture of the enterprise’s prospects going forward and reveals that it has lost $31.5 million since it opened for business just two years ago.

Trump’s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding
The funding partner for TMTG said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
In addition to the Grand Jury proceedings, the SEC is investigating whether TMTG and DWAC executives improperly coordinated with each other and engaged in insider trading. They have also partnered with a Chinese firm with a dubious legal past.

Be sure to visit and follow News Corpse
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And check out my books on Amazon:

Fox Nation vs. Reality:
The Fox News Cult of Ignorance.

Thanks so much for your support.

Trump’s Truth Social is Revealed to Be Another Terribly Risky Trump Scam – By Its Own Prospectus

Posted by on February 18, 2024 at 1:08 pm. 4 Comments :

The insufferable saga of Donald Trump’s Truth Social website, and his desperate attempts to remain relevant online since he was booted from Twitter, is continuing to descend ever deeper into an abyss of his own making. And this downward spiraling is accelerating despite his relentless contributions of posts that are primarily incoherent and emotional outbursts of hostility, ignorance, and self-exaltation.

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This week the Securities and Exchange Commission inexplicably approved the merger between Truth Social’s parent company, Trump Media and Technology Group (TMTG), and Digital World Acquisition Corp (DWAC), the shell company that Trump hopes to use to get a stock market listing. That news contributed to DWAC’s stock price tripling since the beginning of the year ($16.00- $48.00). Or maybe it was because the Biden-Harris campaign created a Truth Social account and began posting a few weeks ago.

SEE THIS: The Biden Campaign is Now on Trump’s Truth Social For Your Entertainment Pleasure

However, no one but confirmed Trump Cult devotees should be jumping into this stock if they care about preserving their money. A quick look at the company’s prospectus should frighten off any astute investors. Some of the risks disclosed in the prospectus were reported by MarketWatch

“Truth Social, his would-be Twitter rival, is a high-risk, speculative operation with few hard numbers behind it. It’s already the subject of subpoenas, from regulators and a grand jury, even though it’s barely off the ground. Oh, and Trump is not required to use the social-media site much — if at all — to communicate with the public, notably if voters were to return him to the White House. You buy the stock at your own peril.”

[And…]

“Digital World has been in trouble with the Securities and Exchange Commission, and recently agreed to pay $18 million to settle fraud charges relating to this potential merger.”

[And…]

“A number of companies that were associated with President Trump have filed for bankruptcy…There can be no assurances that TMTG will not also fail.”

The prospectus also discloses the six bankruptcies among Trump’s hotels and casinos, and other business failures, such as his airline, vodka, steaks, mortgage, and travel agency. Also mentioned was his fraudulent university that was ordered to pay $25 million in compensatory damages. The article didn’t mention his bogus charity that was also fined and shuttered.

Furthermore, the prospectus included a section enumerating Trump’s numerous pending criminal cases. The 91 felony charges included everything from financial fraud, to inciting a violent insurrection, to threatening election officials, to stealing (and perhaps disseminating) classified documents. And let’s not forget his being found civilly liable for rape and ordered to pay $354 million for falsifying his financial statements.

MarketWatch noted that TMTG reported a measly 8.9 million users. But that’s okay because it “believes that adhering to traditional key performance indicators, such as signups, average revenue per user, ad impressions and pricing, or active user accounts” is a distraction.

Perhaps they are figuring in Trump’s “brand” value. Although on that measure, the prospectus says that Trump is only “required to post certain of his social-media messages there first…And the Truth Social exclusivity on each post only lasts for six hours. [and he] can even cancel this agreement with 30 days’ notice, ‘at any time on or after February 2, 2025.'” Which is suspiciously just two weeks after Inauguration Day.

The recent surge in DWAC’s stock should be regarded with ample amounts of skepticism. The stock has had similar spikes – and subsequent declines – several times. Investors and Trump Cult disciples who bought in at $170.00 a share are still seriously screwed. But maybe they continue to believe that Trump can earn it all back with his latest business venture: grotesquely gold “Never Surrender” sneakers…

UPDATE: As evidence that Trump will eventually turn on you, no matter who you are and how much you suck up to him, Truth Social co-founders accuse Trump of trying to rip them off in merger.

For the record, here are some other recent stories about Trump’s misadventures in social media and the stock market…

Trump’s Truth Social Reports Massive Losses and Warns that it Could Go Out of Business
A Securities and Exchange Commission (SEC) filing by the company reveals its financial frailty. The report paints a pitiful picture of the enterprise’s prospects going forward and reveals that it has lost $31.5 million since it opened for business just two years ago.

Trump’s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding
The funding partner for TMTG said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
In addition to the Grand Jury proceedings, the SEC is investigating whether TMTG and DWAC executives improperly coordinated with each other and engaged in insider trading. They have also partnered with a Chinese firm with a dubious legal past.

Be sure to visit and follow News Corpse
on Twitter and Facebook and Instagram and Threads.

And check out my books on Amazon:

Fox Nation vs. Reality:
The Fox News Cult of Ignorance.

Thanks so much for your support.