Donald Trump's Social Truth Has New Problems and Investors Don't Care

The number two at Trump Media & Technology, the company that runs Trump's Truth Social, has resigned. One report said his departure was linked to a whistleblower complaint. Trump Media said it was false. You'd think that's the kind of thing that would worry Trump Media investors. No!

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The number two at Donald Trump's social media company resigned this week. One report claims the departure is linked to a whistleblower complaint. A few days earlier, one of the company's major shareholders announced that it had sold its stake in the company.

In a normal business, this is the kind of news that might cause investors to walk away. And indeed, shares of Trump Media & Technology Group, the company that runs Trump's Truth Social platform, were down about 1% Friday morning. Then they rebounded, up about 3%, around midday.

So if you are expecting DJT to crater in the near future, you are making a mistake. That would mean you view Trump Media & Technology Group as a typical company, rather than a meme stock.

We've done this a few times, so briefly: Trump Media & Technology Group runs Truth Social, but Truth Social is embryonic at best. Its income is almost zero, and it is decreasing. In the first six months of this year, the company had net revenue of $1.6 million, compared to $2.3 million in the same period in 2023. We can't tell you how many users it has because the company won't disclose that number and says it may not even know that number itself. The company's main asset was its exclusivity as the only place Trump posted messages on social media. But that's no longer true since he started posting again on the social service formerly known as Twitter. Yet Trump Media is still worth some $3 billion.

Or, shorter: DJT is a meme stock.

It is negotiated independently of any financial considerations. Stocks have been falling for much of the year, but many people believe that's due to fears that Trump himself is dumping his stocks or that his chances of winning next month's election have diminished, or both things could be true. But it remains virtually impossible to explain why DJT moves up or down on any given day: Shares are up about 11% since Monday.

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Regardless, it's certainly worth reading ProPublica's report that the recent departures of the company's COO and chief product officer were linked to an internal complaint alleging CEO wrongdoing Devin Nunes.

I reached out to Trump Media for comment, and he referred me to the statement he previously provided to ProPublica, which called his reporting “the fifth consecutive story in an increasingly absurd campaign by ProPublica, likely to the request of political interest groups, to harm the bases of TMTG”. on false and defamatory allegations and vague insinuations. »

I also requested comment from Andrew Northwall, former chief operating officer of Trump Media. In an article on Truth Social, Northwall said he had resigned and was looking forward to focusing more on my family and returning to my entrepreneurial journey, where my heart truly lies.

Sources 1/ https://Google.com/ 2/ https://www.businessinsider.com/donald-trump-truth-social-resignation-whistleblower-propublica-2024-10 The mention sources can contact us to remove/changing this article

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