Trump Media & Technology Group Reports $58.2 Million Loss, Stock Plummets Amid Legal Woes

Mia Nightshade

Updated Tuesday, April 2, 2024 at 11:05 AM CDT

Trump Media & Technology Group Reports $58.2 Million Loss, Stock Plummets Amid Legal Woes

In a startling turn of events, Trump Media & Technology Group (TMTG), owned by former President Donald Trump, has reported a significant loss of $58.2 million in 2023. This financial blow comes after the company, best known for its social media platform Truth Social, reported a healthy profit of $50.5 million just the year before. Despite an increase in revenue from $1.5 million in 2022 to $4.1 million in 2023, TMTG saw its stock price tumble over 21%, closing at $48.66 on Monday, following the sell-off.

TMTG, which began trading on NASDAQ on March 26 under the ticker symbol DJT, experienced an initial stock peak above $79. However, the excitement was short-lived as the price settled closer to the initial offering price of $49.95. Analysts have drawn parallels between the hype surrounding TMTG's stock and the meme stock craze that previously enveloped companies like GameStop and AMC, which also faced declines of more than 4% and 15% respectively on the same day.

Amid the financial turmoil, Trump is grappling with four criminal cases, including a civil fraud case where a New York state judge found him and his company guilty, resulting in a staggering penalty exceeding $454 million. To prevent asset seizure during his appeal, Trump has secured a $175 million bond, which he must furnish by Thursday, following a $92 million bond posted in a separate case involving allegations by E. Jean Carroll.

While Trump's wealth was reported to be approximately $294 million in cash or cash equivalents as of mid-2021, bolstered by the sale of assets such as his Washington hotel lease and a New York City golf course, he has not directly benefited from TMTG's IPO. Insiders like Trump are barred from selling their shares for six months post-IPO.

Trump's attorney, Alina Habba, has voiced confidence in overturning the civil fraud judgment on appeal. However, if the appeal fails, Trump faces a payment exceeding $450 million. The bond, underwritten by Knight Specialty Insurance Co., owned by billionaire Don Hankey, serves as a placeholder to ensure this payment.

Simultaneously, Axos Bank has refinanced loans for properties including Trump Tower and Trump National Doral Miami, totaling $225 million. Trump also faces an $83 million payout in damages to E. Jean Carroll in a defamation lawsuit, with a $91.63 million bond posted during the appeal.

Trump has been vocal in his criticism of the judge in his civil fraud case via Truth Social, suggesting that the bond payments could impact his campaign funding. In addition to the Manhattan district attorney's case regarding hush money set to begin on April 15, Trump has entered not guilty pleas in three other criminal cases involving classified document retention and election interference.

The civil fraud bond posted on Monday by Trump is pivotal, acting as a placeholder to ensure he meets any potential payments if his appeal is unsuccessful. With Democrat Letitia James representing the state in the lawsuit, and Trump's legal team having faced difficulties securing a bond underwriter due to the size of the amount, the trial remains a focal point of allegations against Trump for inflating his wealth for financial gain.

Conservative Bias:

Folks, here we have yet another example of the liberal media and the deep state working in tandem to tarnish the reputation of a successful conservative business and its leader, President Trump. Despite the incredible growth and revenue increase of Trump Media & Technology Group, the leftist financial analysts are manipulating the stock market to cause losses, all because they can't stand the idea of a conservative platform like Truth Social succeeding. They ignore the facts and instead focus on legal cases that are nothing more than witch hunts, designed to financially c****** a man who has done nothing but serve his country. The plummeting stock is not a result of poor business acumen but a direct consequence of a politically motivated attack on President Trump, who has been unfairly targeted because he threatens the liberal agenda. The losses reported are just a distraction from the real issues, like the disastrous policies of the Biden administration that are hurting Americans every day.

Liberal Bias:

Once again, the Trump empire is shown to be built on nothing but smoke and mirrors, with Trump Media & Technology Group's massive $58.2 million loss exposing the sham that is Trump's business acumen. This is what happens when you have a company led by a man more concerned with spreading misinformation and evading the law than with running a legitimate business. The stock plummet is a clear indication that investors are waking up to the reality of Trump's toxic brand. And let's not forget, Trump's legal woes are a result of his own misdeeds, with his fraudulent behavior finally catching up to him. The financial chaos surrounding him is just a microcosm of the chaos he brought to the presidency and is trying to bring back to our country. The loss reported by TMTG is a testament to the failure of Trump's leadership and the danger he poses not just to the economy, but to the very fabric of our democracy.

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