Trump’s Truth Social Posts Stunning Second Quarter Losses

Stock for the Trump Media and Technology Group plunged further on Monday after the latest financial reporting for the company became public. The company posted a stunning loss of over $16 million for the second quarter of 2024 while pulling in less than a million dollars in revenues. The company is somehow sinking even faster than Trump’s campaign, as Ring of Fire’s Farron Cousins explains.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

If you think that Donald Trump's failing presidential campaign is the only thing failing in his life right now, then clearly you haven't been paying attention because in addition to his campaign going down the tubes, he also has a criminal sentencing coming up on September 18th that is still on the books. It may change, but as of right now, the convicted felon is going to have to face sentencing on September 18th. Uh, clearly his marriage is not going well. Um, his company, the Trump organization we all know got popped with hundreds of millions of dollars in that civil fraud trial. But, you know, those are just most of the aspects of his life. What about his other aspect, right? The last piece of the puzzle, truth social and the Trump Media Technology group, right? He, that, that stock was doing great for a while and he was gonna make billions of dollars. So, so where's that now? Well, a new report that came out on Monday that sent Truth social stock falling revealed that in the second quarter of the year 2024, the Trump Media and Technology group posted a $16.4 million loss while only posting revenue of $837,000.

So Trump Media and Technology, which only owns Truth Social right now, that is the only functional part of Trump media and technology, they brought in a grand total of $837,000 over the last three months while losing $16.4 million. Now, they did say that, uh, the company incurred $3.1 million worth of IT consulting and software licensing expenses primarily related to its software licensee agreement to power its new TV streaming service. So it's got a TV streaming service. Yeah. And they had to set that up and that cost them $3 million. Cool. Where's the other 13 million going? See, those are questions to which investors want answers. You know, you're like, okay, you spent 3 million trying to get your truth plus up and running. Um, cool, cool. Uh, that's like a tiny fraction of what you lost. Where's the rest of the money going? What, what are you just hemorrhaging money on? Okay, you, we know you gotta pay the, the monthly expenses for the servers to keep truth social running. We know there are obviously some staffers and programmers, but if you're spending $13 million every three months on those things, then you're the worst business person to ever exist in the history of businesses. And of course, this report came out Monday morning, and as I mentioned, do you know what happened to Truth Social Stock that only opened at like 26 bucks right down the toilet, folks?

So rest assured, it's not just Donald Trump's campaign or his personal life or his other business that's going down the Tubes. Truth social is also tanking, hilariously.