Joe.My.God. LGBT News
Axios reports:
Truth Social — the Trump-owned social media platform that started trading yesterday — currently has far fewer users and less income than any social network that has gone public before. While the app does sell some ads, its business is practically non-existent. Truth Social earned $3.4 million in revenue for the first nine months of 2023 and it lost around $49 million. Facebook (now Meta) earned $3.71 billion the year before it went public and was profitable.
For now, Truth is trading like a meme stock, meaning its market value is completely divorced from its financial reality. But once retail investors tire of the penny stock, its fate will be left to institutional investors who want to see high-growth opportunities and profit margins. Meme stocks like GameStop and AMC that soared during the pandemic-era retail investor bump have since crashed.
Read the full article. Cultists flooded X yesterday with gloating posts claiming that Trump had made billions on the first day of trading.
Trump’s Truth Social is trading like a meme stock. Its market value is completely divorced from its financial reality because its business is practically non-existent.
— Mike Walker (@New_Narrative) March 27, 2024
“In any other world with any other name or person associated with it, this would be a penny stock,” says @herbgreenberg on Trump’s media company, $DJT. “This company doesn’t deserve this valuation.” pic.twitter.com/qajgjxnCEQ
— Last Call (@LastCallCNBC) March 26, 2024