DIRS.INFO The most relevant business & tech news

☆ Trump Media is up 92% since launching a crusade against short sellers
▼ + stars: | 2024-04-30 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Trump Media's crusade against short-sellers has coincided with a 92% rally in its stock price. Trump Media stock has attracted a lot of short-sellers since it went public last month. AdvertisementShares of Trump Media soared 12% on Monday following the press release and surged an additional 9% on Tuesday. Trump Media has attracted a lot of short-sellers since it went public last month, mostly due to the fact that it generated $58 million in losses on just $4 million in revenue last year. AdvertisementAccording to recent short-interest data, nearly 6 million shares of Trump Media are sold short, or about 8% of the company's share float.

Persons: Trump, —, Donald Trump's, TMTG Organizations: Trump Media, Service, Technology

☆ DJT SPAC: Trump Media Stock Price Collapse Is Only Going to Get Worse
▼ + stars: | 2024-04-22 | by ( Emily Stewart | ) www.businessinsider.com time to read: +6 min

Trump Media & Technology Group, which owns the conservative Twitter clone Truth Social, went public via SPAC in late March. Short sellers, if I had to guess, feel pretty good, even if Trump's company is trying to prevent them from betting against it. AdvertisementWhile Trump is a political figure, Trump Media's stock price is not really a political story. The same day, its stock price fell by 14%, though the next day it bounced. That TMTG's stock price has fallen isn't surprising.

Persons: I'm, Jim Cramer, Donald Trump's, Trump, DJT, it's, TMTG, isn't —, Peter Kafka, doesn't, TMTG isn't, Devin Nunes —, Devin Nunes, California —, He's, It's, Emily Stewart Organizations: Trump Media & Technology Group, Twitter, Republican, Nvidia, Truth, Meta, Trump, Trump Media & Technology, Business Locations: SPAC, TMTG, California

☆ Donald Trump's Truth Social has crashed 70% from its peak — and experts say the meme stock may fall further
▼ + stars: | 2024-04-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Donald Trump's meme stock has plunged by 70% from its peak last month. Trump Media & Technology Group, which owns Truth Social, soared after it went public. AdvertisementDonald Trump's meme stock skyrocketed in March but has now crash-landed. Advertisement"Given Donald Trump's substantial fanbase, particularly during election cycles, he could wield significant influence over specific stocks, such as Truth Social stock," he said. The sharp rise in Truth Social price will definitely be a short-run phenomenon because it is not fully backed by fundamentals."

Persons: Donald Trump's, —, Donald, Trump, Michele Costola, Costola, Imran Yousaf, Warren Buffett, Yousaf, it's, TMTG, they'll, Devin Nunes Organizations: Trump Media & Technology Group, Service, Bloomberg, Foscari University of Venice, Kean University, GameStop Locations: Tuesday's

☆ Trump Media stock swings higher after two very bad days
▼ + stars: | 2024-04-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Investors in Trump Media & Technology Group’s stock are finally, after two days of turmoil, seeing an uptick in their shares. The stock TMTG (DJT) rebounded by more than 12% in early afternoon trading on Wednesday after tumbling precipitously earlier this week. The price of fameThere are many reasons why Trump Media shares have been so volatile, including the fact that the company is inextricably linked to the former president. Trump Media lost $58 million in 2023 and made just $4.1 million in revenue. Extreme turbulenceTrump Media’s extreme peaks and troughs have caused wild swings in the net worth of the company’s largest shareholder and chairman: former President Donald Trump.

Persons: Donald Trump, Trump Organizations: New, New York CNN — Investors, Trump Media & Technology, Disney, Trump Media, Trump Locations: New York

☆ Trump’s stock tumbles again after Truth Social announces it’s getting into streaming
▼ + stars: | 2024-04-16 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Investors in Trump Media & Technology Group’s stock are throwing in the towel. Driving the stock lower Tuesday: The company’s premier product, Truth Social, announced a major expansion into streaming, a notoriously cost-intensive business in which media behemoths like Disney have struggled to turn a profit. Although the company is still worth billions of dollars, it is struggling to make money and desperate for cash. A home for ‘suppressed’ contentThe streaming initiative didn’t give investors any reason to get enthused about the company. Truth Social said it spent the past six months testing its web, iPhone and iPad apps for live TV streaming, and it hopes to launch a content delivery network to stand up streaming apps for phones and tablets — and eventually smart TVs.

Persons: Donald Trump, “, ”, Devin Nunes, they’ll, Elon Musk’s, Musk, Trump Organizations: New, New York CNN — Investors, Trump Media & Technology, Disney, Trump Media, Truth, Republican Locations: New York, California

☆ Trump stock tanks after issuing tens of millions new shares
▼ + stars: | 2024-04-15 | by ( David Goldman | Krystal Hur | ) edition.cnn.com time to read: +4 min

New York CNN —Trump Media & Technology Group’s stock is tumbling again after the company announced a massive new influx of shares. The stock had rocketed higher in recent months in anticipation of merging a blank-check acquisition company with Trump’s media business. Anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money. Why Trump Media stock is so volatileThere are a number of reasons behind the stock’s eye-popping swings. Unless he were to purchase stock in the new public offering, Trump would own just under half of the company’s publicly traded stock after it issues more shares.

Persons: New York CNN —, Donald Trump, Matthew Tuttle, ”, Tuttle, “, … You’ve, Trump, Donald J Organizations: New, New York CNN, New York CNN — Trump Media & Technology, Tuttle Capital Management, Trump, ”, Trump Media, Wall Locations: New York, “

☆ Donald Trump crashes out of the Bloomberg rich list due to his meme stock nosediving
▼ + stars: | 2024-04-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump's net worth. AdvertisementDonald Trump has crashed out of the ranks of the world's 500 wealthiest people after the value of his meme stock nosedived. The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. AdvertisementTMTG shares hit an intraday high of $79 on March 26, valuing Trump's stake at close to $6.3 billion. That's still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social's parent company.

Persons: Donald Trump, —, Forbes, Trump, George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, Bernie Marcus, Ralph Lauren, TMTG Organizations: Service, Bloomberg, Trump Media & Technology, TMTG, Paramount, Etsy, Hasbro, American Airlines Locations: Monday's

☆ Trump Media is suing its cofounders, alleging they failed 'spectacularly' and did 'significant damage' to the business
▼ + stars: | 2024-04-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Trump's media company is suing its cofounders, alleging they failed the business before its SPAC deal. AdvertisementTrump Media is suing its cofounders, alleging they failed the company and did "significant damage" to its business, according to documents filed in a Florida civil court. Moss and Litinsky had the potential to "profit handsomely" if Trump Media completed its merger deal. The filing says: "Moss and Litinsky failed spectacularly at every turn. Trump Media did not immediately respond to a request for comment.

Persons: Wesley Moss, Andrew Litinsky, Moss, —, Trump, Patrick Orlando, Litinsky Organizations: TMTG, Service, Trump Media, Corp, United Atlantic Ventures, Orlando's, Trump, DWAC, Company Locations: Florida

☆ How Trump managed to lose $1 billion in net worth in a single day
▼ + stars: | 2024-04-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

That’s kinda what happened for investors in Trump Media & Technology Group, the troubled owner of Truth Social, on Monday. Even with Monday’s stumble, the stock is still up about 200% over the past six months, giving it a $6.6 billion valuation that defies logic. Trump Media, aka TMTG, generated just $4.1 million in revenue last year. But if history repeats, or even echoes, with Trump Media, investors may want to buckle up. Bottom line: Monday’s slump is hardly game over for Trump and his social media company.

Persons: CNN Business ’, Wile, Coyote, Monday’s, Matt Egan, It’s, ” Axios, Dan Primack, “, Donald Trump, David, dusts Organizations: CNN Business, New York CNN, Trump Media & Technology Group, Truth, Trump Media, GameStop, Trump Locations: New York, selloff

☆ Two defendants in Trump Media insider trading case signal possible guilty pleas
▼ + stars: | 2024-04-01 | by ( Dan Mangan | ) www.cnbc.com time to read: +5 min

A Florida venture capitalist and his brother moved Monday toward potential guilty pleas in an insider trading case connected to the merger that took Donald Trump's social media company public last week. A new court filing Monday revealed that a change of plea hearing for the brothers will be held Wednesday afternoon in U.S. District Court in Manhattan. Trump Media and Technology Group mentioned the case in a securities filing on Monday. As of late Monday, there was no change of plea hearing for him scheduled on the docket. They are accused of buying up DWAC stock based on nonpublic information that the shell company was considering a possible merger with Trump's social media company, Trump Media and Technology Group, which owns the Truth Social app.

Persons: Michael Shvartsman, Donald Trump's, Gerald Shvartsman, Alan Futerfas, Michael Shvartsman's, Futerfas, Donald Trump, Shvartsman, Gerald Shvartman, Roland Riopelle, Bruce Garelick, Garelick, Judge Lewis Liman, Gerald, DWAC Organizations: Manhattan Federal Court, Trump Media, Trump Organization, CNBC, Technology Group, TMTG, DOJ, Department of Justice, U.S, Attorney's, Trump Media's, Nasdaq, Corp, Rocket, Shvartsman Locations: Manhattan, New York City, U.S, Florida, New York, South Florida, Miami, DWAC

☆ Trump's potential Truth Social earnout is an avenue for outside interests if he becomes president, experts say
▼ + stars: | 2024-04-01 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

The Truth Social app is being displayed on a smartphone with Truth Social visible in the background. Donald Trump's scheduled earnout through the parent company of Truth Social presents opportunities for outside interests if he were to defeat Joe Biden and become president again, according to experts. "When President Trump returns to the White House, he will continue to follow ethics guidelines," Steven Cheung, Trump's spokesperson, said in an email. The new Trump media stock has been on a wild swing since it began trading. To the extent users prefer a platform that is not associated with President Trump, TMTG's ability to attract users may decrease," the Trump Media and Technology Group wrote in a filing.

Persons: Donald Trump's, Joe Biden, Trump, Virginia Canter, Canter, Biden, Steven Cheung, He's, Kedric Payne, Payne, Peter Schiff, President Trump Organizations: Truth, Trump Media, Technology, Securities and Exchange Commission, Trump, White, Nasdaq, CNBC, Technology Group Locations: Washington ,, U.S

☆ How many users does Donald Trump's social media company have? He won't say.
▼ + stars: | 2024-04-01 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Read previewThe stock price for Trump Media & Technology Group Corp — Donald Trump's social media company — dropped by nearly 25% on Monday. There are zero people who care about the business prospects of Trump Media & Technology Group who were unaware it was a bad business. And Trump Media & Technology Group? The numbers Trump's social media company are willing to share with investors illustrate that it's a lousy business. So the next time Trump Media stock tanks — a bet a lot of people have already made — feel free to imagine a good reason why.

Persons: —, Donald Trump's, Donald Trump, Elon Musk, It's, Per Trump, isn't, I've Organizations: Service, Trump Media & Technology Group Corp, Trump Media & Technology, —, Trump Media & Technology Group, Business, Trump Media, Elon, Twitter

☆ DJT SPAC: Trump Media's Stock Price Is Probably Going to Crash
▼ + stars: | 2024-04-01 | by ( Emily Stewart | ) www.businessinsider.com time to read: +5 min

Donald Trump's newly public social-media company is not the next Nvidia — or Meta or Google or whatever has happened with X/Twitter. It seems, let's say, unlikely that his media company's stock price is going to stay so high forever. AdvertisementFor one thing, TMTG, which owns the conservative Twitter copycat Truth Social, makes basically nothing. Truth Social and any other business Trump Media and Technology Group spins up is pretty much guaranteed to appeal just to Trump fans. Might Trump and Truth Social be different, at least on the stock front?

Persons: Donald Trump's, Trump, Peter Thiel, Peter Kafka, aren't, Don Jr, Emily Stewart Organizations: Nvidia, Trump Media, Technology Group, Hasbro, Trump, Apple, Facebook, Twitter, YouTube, Republicans, White, GameStop, AMC, Business Locations: SPAC

☆ Trump Media shares fall sharply after company reports net loss of $58 million in 2023
▼ + stars: | 2024-04-01 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

The share price of Trump Media fell sharply Monday morning after the social media app company closely tied to former president Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023. Trump Media & Technology Group shares trading down by more than 14.5% as of 11 a.m. The filing shows that in 2022, Trump Media had a net profit of $50.5 million and total revenue of only $1.47 million. As of Monday, Trump Media said these "identified material weaknesses continue to exist." Trump owns 57.3% of Trump Media shares, a stake valued at more than $4 billion.

Persons: Donald Trump, —, TMTG, Trump Organizations: Trump Media, Trump Media & Technology Group, Securities and Exchange Commission, Nasdaq, Trump Locations: Washington ,

☆ Meme-stock mania comes roaring back to leave Donald Trump's Truth Social owner TMTG worth more than Etsy or Hasbro
▼ + stars: | 2024-03-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Meme-stock fans have boosted Trump Media & Technology Group stock by nearly 80% this week. Truth Social's parent company is now valued at over $13 billion on a fully diluted basis. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMeme-stock mania has boosted the value of Trump Media & Technology Group beyond Etsy, Hasbro, and Paramount Global — three S&P 500 companies worth nearly $8 billion each. Truth Social's parent company completed a SPAC merger on Monday, and began trading under the ticker DJT on Tuesday.

Persons: Ralph Lauren, Campbell Soup, — Organizations: Trump Media & Technology Group, American Airlines, Service, Trump Media & Technology, Hasbro, Paramount Global, Business

☆ Top ad guru Martin Sorrell downplays chances of Trump's Truth Social capturing serious market share
▼ + stars: | 2024-03-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Advertising guru Martin Sorrell has questioned the prospects of Donald Trump's newly public Truth Social platform, saying it was currently "unfathomable" that clients would want to buy ads on the site. Sorrell, founder and executive chairman of digital marketing firm S4 Capital, said when asked if clients were likely to advertise. Trump Media & Technology Group (TMTG), the company behind Truth Social, went public Tuesday after merging with shell company Digital World Acquisition in a deal known as a special purpose acquisition (SPAC). A spokesperson for TMTG firmly dismissed claims that the share price move defied logic when contacted by CNBC. Truth Social lost $10.6 million in the first nine months of 2023 on revenues of $3.4 million.

Persons: Martin Sorrell, Donald Trump's, Sorrell, ", TMTG, Semafor, Trump Organizations: CNBC, Trump Media & Technology, Truth, Associated Press, WPP, Twitter Locations: British, U.S

☆ Trump’s Truth Social is going public today. Experts warn $9 billion valuation defies logic
▼ + stars: | 2024-03-26 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

Truth Social had just 494,000 monthly active US users on iOS and Android combined in February, according to Similarweb stats provided to CNN. Even Threads had more than 10 times the number of monthly active users that Truth Social had in February, according to Similarweb. The last Trump company to go public, Trump Hotels and Casino Resorts in 1995, used the same DJT ticker symbol. Like any social media business, Truth Social faces pressure to grow its user base, expand its advertising business and build a subscription service. “If he wins in November, Truth Social will probably be the primary means of presidential communication,” said Kennedy.

Persons: Donald Trump’s, –, ”, Jay Ritter, Ritter, “, Reddit, Matthew Kennedy, Kennedy, Jonathan Macey, that’s, ’ Matthew Tuttle, Tuttle, it’s Trump, you’ve, ” “, I’m, Donald Trump, Trump, “ Donald J, TMTG, skeptically Organizations: New, New York CNN, Trump Media & Technology Group, Trump Media, University of Florida’s Warrington College of Business, GameStop, AMC, Trump, Renaissance, Truth, CNN, Facebook, Yale, Digital, Tuttle Capital Management, SEC, Trump Hotels, Casino Resorts, New York Stock Exchange Locations: New York, ”, United States

☆ DWAC climbs 10% after shareholders approve merger with Trump's media group
▼ + stars: | 2024-03-25 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

In this photo illustration, Digital World Acquisition Corp (DWAC) logo is seen on a smartphone and Trump Media & Technology Group (TMTG) logo on a pc screen. Shares of Digital World Acquisition Corp. rose about 10% Monday morning after the approval of a merger between the shell company and the social media group owned by former President Donald Trump. DWAC shareholders voted Friday to approve the combination between the special purpose acquisition company, or SPAC, and Trump Media & Technology Group, the owner of the social media platform Truth Social. Shares in the merged company could begin publicly trading this week under the ticker symbol DJT, Trump's initials. Monday's rise comes after the stock fell nearly 14% Friday after DWAC shareholders signed off on the merger.

Persons: Donald Trump, Trump, Donald Trump Jr, Robert Lighthizer Organizations: Trump Media & Technology, DWAC, Trump Media & Technology Group, Trump Locations: Trump

☆ Truth Social owner Trump Media will begin trading under DJT ticker Tuesday
▼ + stars: | 2024-03-25 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Former President Donald Trump's newly merged social media company will begin trading under the stock ticker symbol DJT on Tuesday, the firm said in a new regulatory filing. The company, which owns the Truth Social app platform, will be called Trump Media & Technology Group Corp., and will trade on the NASDAQ market. TMTG is the result of a combination of Trump's company and the shell company Digital World Acquisition Corp.A majority of DWAC shareholders on Friday voted to approve the merger with TMTG. DWAC's share price soared up to 25% higher on Monday's news, recovering losses it saw Friday after the merger was approved. Former DWAC CEO Eric Swider will become a director of Trump Media.

Persons: Donald Trump's, Trump, Devin Nunes, DWAC, Nunes, Eric Swider Organizations: Trump Media & Technology Group Corp, NASDAQ, TMTG, U.S . Securities, Exchange Commission, Trump Media, Big Tech

☆ Trump Media sued by co-founders ahead of DWAC merger, potential setback for lucrative deal
▼ + stars: | 2024-02-29 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Donald Trump (R) and producer Andy Litinsky (L) attend the Comedy Central Roast Of Donald Trump at the Hammerstein Ballroom on March 9, 2011 in New York City. The partnership, United Atlantic Ventures alleges that Trump Media & Technology Group engaged in "wrongful 11th hour ... maneuvering" to dilute UAV''s minority stake in the media company, a court filing says. Donald Trump attends the 'Celebrity Apprentice' Red Carpet Event at Trump Tower on January 5, 2015, in New York City. "They actually went out and did the work, they created Truth Social, and now the beneficiary of that, Donald Trump, doesn't want to pay." CNBC has requested comment from spokesmen for Trump, TMTG and DWAC about the lawsuit, which was first reported by The Washington Post.

Persons: Donald Trump, Andy Litinsky, Moss, Wes Moss, Trump, Jean Carroll, Christopher Clark, Clark, Donald J, TMTG, UAV's, TMTG's Organizations: Trump Media, Twitter, Facebook, United Atlantic Ventures, Trump Media & Technology Group, Trump Tower, Trump, Republican, TMTG, CNBC, The Washington Post, Securities and Exchange Commission, Department of Justice, SEC Locations: New York City, TMTG, Delaware, New York, partnership's Delaware

☆ DWAC shares soar as merger with Trump social media company appears closer
▼ + stars: | 2024-02-15 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. jumped 15% Thursday morning after the special purpose acquisition company announced Wednesday night that it is close to completing its proposed merger with Trump Media and Technology Group, former President Donald Trump's social media company. That SPAC first began merger talks with Trump's media group, which operates the Truth Social platform, in October 2021. Shvartsman last week was hit with a new money laundering count related to transfers he allegedly conducted after netting a profit of $18.2 million from selling DWAC stock. Shares of DWAC have rallied in recent months as Trump has emerged as the likely Republican nominee for president in November.

Persons: Donald Trump, Donald Trump's, DWAC, Eric Swider, Michael Shvartsman Organizations: Corp, Trump Media, Technology Group, The Securities, Exchange Commission, Department of Justice, SEC, Shvartsman, Trump, Republican Locations: Washington ,, Florida, New York

☆ Trump media deal partner DWAC nears $50 million financing, sources tell Reuters
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +1 min

In this photo illustration, Digital World Acquisition Corp (DWAC) logo is seen on a smartphone and Trump Media & Technology Group (TMTG) logo on a pc screen. Digital World Acquisition Corp. , the blank-check acquisition company that has agreed to take former U.S. President Donald Trump's social media platform public, is nearing a $50 million financing deal, people familiar with the matter said on Thursday. The deal, which could be announced in the next few days, is based on convertible notes and will help fund DWAC while it seeks to complete its merger with Trump Media & Technology Group, owner of social media platform Truth Social, the sources said. The sources requested anonymity because details of the deal discussions are confidential. Representatives for Anson Funds, All Blue Capital and Mangrove Capital Partners did not immediately respond to requests for comment.

Persons: Donald Trump's, Eric Swider, Anson Organizations: Trump Media & Technology, Trump Media & Technology Group, Investment, Funds, Blue, Mangrove Capital Partners, Anson Funds

☆ Trump Media SPAC insider trading defendant hit with new money laundering count
▼ + stars: | 2024-02-07 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A man already charged with insider trading related to a shell company's planned merger with Donald Trump's social media firm was hit with a new money laundering count in Manhattan federal court. The new indictment details two money transfers Shvartsman conducted after netting a profit of about $18.2 million from selling Digital World Acquisition Corp . Shvartsman, his brother Gerald Shvartsman and Bruce Garelick were indicted in June on securites fraud charges related to their sale of DWAC securities in fall 2021 and other conduct. The trio of investors allegedly bought DWAC securities after learning on a confidential basis that the so-called special purpose acquisition company was eyeing a merger with Trump Media and Technology Group. TMTG includes the social media platform Truth Social, which is one of the former president's favorite methods for communicating with supporters online.

Persons: Michael Shvartsman, Donald Trump's, Shvartsman, Gerald Shvartsman, Bruce Garelick, DWAC Organizations: Federal, Corp, Trump Media, Technology Group, TMTG, Prosecutors Locations: New York, Manhattan

☆ Donald Trump's Truth Social loses tens of millions of dollars this year
▼ + stars: | 2023-11-15 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Donald Trump launched Truth Social after he was banned from X/Twitter following the January 6 riots. AdvertisementDonald Trump's social media platform, Truth Social, has lost tens of millions of dollars this year, according to SEC filings released Monday. AdvertisementDigital World has now asked investors to extend the deadline for the Truth Social deal. Although the former president's X account has since been reinstated, he's upheld an exclusivity deal to post first on Truth Social. AdvertisementHowever, Truth Social has struggled to attract the same level of interest compared with social media platforms.

Persons: Donald Trump, —, Donald, Trump, Devin Nunes, he's Organizations: Service, SEC, World, Corp, Truth Social, Trump Media, Technology, Department of Justice, Truth, CNBC, Twitter, Big Tech, Social, Trump, Forbes

☆ ‘Substantial doubt’ the owner of Trump’s Truth Social will survive, accountants warn
▼ + stars: | 2023-11-14 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —Former President Donald Trump’s social media venture Truth Social is burning cash and piling up losses so rapidly that accountants warn it might not survive unless it soon completes a long-delayed merger, according to corporate filings. Trump Media and Digital World said the filing of the financial documents on Monday mark a key step forward towards finalizing their merger. That merger is key for the survival of Trump Media as it would unlock hundreds of millions of dollars in funding. The SEC filings indicate Trump Media lost $59.1 million in 2021 before posting a net profit of $50.5 million in 2022. Still, Digital World, the blank-check firm seeking to merge with Trump Media, is bullish on the venture.

Persons: Donald Trump’s, Elon Musk, Trump, “ TMTG, ”, Devin Nunes, ” Trump, Matthew Kennedy, TMTG, ” Kennedy, Kennedy, Matthew Tuttle, Donald Trump, Donald J, CNN’s Chris Isidore Organizations: New, New York CNN, Trump Media & Technology, SEC, Social, Trump, Trump Media, ” Trump Media, Big Tech, Renaissance, Tuttle Capital Management, Facebook, Securities and Exchange Commission Locations: New York

Search resuls for: "TMTG"

25 mentions found