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minibyte ,

Chapter 11 is Donny’s favorite number:

Taj Mahal, Trump University/Castle/Shuttle/Steaks/Vodka/Ice/Magazine, and now Trump Media.

Zachariah ,
@Zachariah@lemmy.world avatar

Wow, you actually read Art of the Deal ?

ChicoSuave ,

I think he keeps bankrupting his companies so that he can update the list of his businesses in the book, creating new editions every few years. If you have an old copy, just burn it because the new ones are so much better with the newest info. In fact, after burning the old one, wait a bit for the new one to drop. He’s clearly getting ready to update the new one with DWAC and Trump Media.

ChickenLadyLovesLife ,

Even Trump never read that piece of shit.

kevindqc ,

Excuse me! Trump Vodka, the world’s finest super premium Vodka, still exists in Israel!

athairmor ,

It’s so fitting. Vodka is the cheapest alcohol you can make. It’s basically watered down ethanol. Overpriced vodka is so on-brand for a Trump. And he still couldn’t make a profit.

I wonder why it still exists in Israel. I bet he sold the rights to it there and has nothing to do with the business.

FuglyDuck ,
@FuglyDuck@lemmy.world avatar

He’s just gonna dump the stock and make out like bank leaving the rest to flounder.

minibyte ,

I think there’s a lock out period for him following the merger but I don’t know for how long. There’s still time for the stock (DJT) to plummet, with any luck.

FuglyDuck ,
@FuglyDuck@lemmy.world avatar

It was a few months, but I think it’s about to expire.

fine_sandy_bottom ,

6 months. From April I think, so that would mean he can sell in October.

The share price is absurd. Idiots buying because they want to support trump somehow. The shares are worthless but hapless idiots will pay stupid prices for them.

He will start selling as soon as he can. I expect there will be a steady downward trajectory but who knows how fast and how low.

TehWorld ,

Foreign governments are certainly propping up shares.

PumpkinEscobar ,

Easiest shorting money I ever made.

tal , (edited )
@tal@lemmy.today avatar

I bet that he blames “market manipulation” or something to his followers when he sells.

eestileib ,

DRS your Trump Media!

barsquid ,

Crooked Joe Biden directly attacked the stock price somehow.

ChickenLadyLovesLife ,

No, Lyin’ Kamabla is behind it now.

Socsa ,

It’s definitely not retail investors. The entire thing very obviously a back channel for the mob and Russians to pay Donald Trump for various things by propping up the share price.

nilloc ,

Trump hotel 2.0. With less expenses.

Pacmanlives ,

Which means there be a massive pump in September/early October and then dump

fine_sandy_bottom ,

I don’t think it will be quite so pronounced. Trump has a majority holding so he will have to drop comparatively small holdings whenever he can do so without tanking the price.

vegeta OP ,

You mean advertisers aren’t climbing all over themselves to buy spots on it? Maybe the new streaming service will save the day.

/s

AbidanYre ,

He could try suing companies for not running ads. It seems to be working for Elon.

Drunemeton ,
@Drunemeton@lemmy.world avatar

I’d heard that he was going to do that, but is he and it’s working!?

magnetosphere , (edited )
@magnetosphere@fedia.io avatar

He just filed the lawsuit in the last few days. Too early to tell if it’s working, but many legal experts are laughing at it.

Sludgehammer ,
@Sludgehammer@lemmy.world avatar

Depends on how you define “working”.

He managed to kill a non-profit that advised not advertising on Xitter because it’s a racist shithole. I don’t think it’s gonna bring back any advertisers, but with the help of a pet Texas judge he’s SLAPP suing his detractors out of existence.

Bassman1805 ,

One could argue that the non profit has largely done its job at this point so it’s only a symbolic victory.

gwen ,

wait what?? i havent heard of this?

Sludgehammer ,
@Sludgehammer@lemmy.world avatar

Yeah, Musk blamed GARM for advertisers “boycotting” X so he sued them then they disbanded. Of course, Mush and Yaccarino are strutting about like roosters apparently not realizing how obvious this suit makes it that you do business with X at your own peril.

originalucifer , (edited )
@originalucifer@moist.catsweat.com avatar

doesnt he have a 450m bill due soon?

e. just checked, not til after an appeal in sept.

InternetUser2012 ,

The one he owes the lady that sued his balls off? Or the Russians?

originalucifer ,
@originalucifer@moist.catsweat.com avatar

this is the whole 'i lied about everything i own in new york' thing

InternetUser2012 ,

Oh, shit, forgot about that one too. He’s so screwed and so deserving of it.

FuglyDuck ,
@FuglyDuck@lemmy.world avatar

that one he has to put the cash up in escrow before he can appeal.

originalucifer ,
@originalucifer@moist.catsweat.com avatar

he already did, and the fucking let him squeak by on a 175m bond from an agency that wasnt technically financially able to do it.

because rich people have different rules.

catloaf ,

Not just financially unable, legally unable. They weren’t authorized to issue surety bonds in New York.

originalucifer ,
@originalucifer@moist.catsweat.com avatar

ha! I had actually had typed out 'legally' but changed it. legality is irrelevant if its allowed to stand and it is standing, isnt it?

catloaf ,

“When the president does it, that means it is not illegal” also applies to former presidents, I guess.

barsquid ,

Oh did they finally make him put in money instead of lowering the requirements and giving him more chances?

originalucifer ,
@originalucifer@moist.catsweat.com avatar

they lowered the bond to 175m, and let him used an illegal-in-new-york bond agency.

pineapplelover ,

Iirc they only brought in like 300k in revenue. Somebody fact check me but it was definitely between 300k-400k in revenue. So that net loss is fucking insane.

wintermute_oregon ,

It in the article

Trump Media, which owns the Truth Social app often used by the former president, also reported revenue of just $836,900 for the quarter ending June 30, a 30% drop from the same period in 2023

pineapplelover ,

800k. I was a bit off

wintermute_oregon , (edited )

If the numbers are content. That’s about 3.2 million in revenue and 64 million loss per year.

While people want to clap over that. Many companies are not profitable their first few years.

I work for a tech company. We are well known, bring in billions but one made a profit once or twice in twenty years.

Prior company the same.

It’s amazing that you can bring in billions and still not make a dime

Eccitaze ,
@Eccitaze@yiffit.net avatar

There’s a world of difference between not having any profit because you’re aggressively reinvesting it into your business, and not having any profit because you spent 16 million to keep the lights on for a service that brought in approximately 5% of what you spent.

wintermute_oregon ,

That’s not uncommon through. Meta, twitter, etc didn’t have any real revenue for years. I think truth will last through the year and then die off unless Trump wins. Maybe two years. Hell I’m a conservative and I don’t know anyone who uses it. I would say it means more maga and once Trump is gone, it’ll die off.

aniki ,

Necromancer being wrong as always.

Carrot ,

Big companies do this on purpose. They want their earnings and their expenses to match up as close as possible, because companies don’t pay any taxes on money spent on making money, only on profits. So if a giant company is in the red, the vast majority of operating expenses are tax deductible

wintermute_oregon ,

It’s also hard to turn a profit. People think running a company is easy. It’s not. Employees, health care, etc all add up. Hell when we sell software, it takes a few years to break even on it and our margins are 95%+. Out ceo doesn’t care about paying taxes. Most don’t. They’d rather be profitable but that’s a tough goal to achieve on a consistent basis.

Semi_Hemi_Demigod ,
@Semi_Hemi_Demigod@lemmy.world avatar

I’ve worked for two successful startups and they also tried really hard to break even every year, for the reason you’re mentioned. The thing their investors wanted to see was revenue growth, not profits. As revenue grew they would hire more people to use up the money.

Tja ,

If you revenue grows 100% YoY and you are investing in growth, sure. I work for a 15 year old company that is just starting to become profitable, still growing well into double digits.

None of that is true here.

wintermute_oregon ,

Put it in perspective. Twitter, Facebook, both had higher expenses and less revenue at the same mark.

Truth has 600k active users a month which isn’t bad for a two year old company

I just see it as a fad that won’t last.

Tja ,

600k active users and shrinking. That’s the problem. No growth perspective, no plans, just grift. Let alone how many of those are bots.

ChickenLadyLovesLife ,

I always question “active users”, too. A few years ago I worked for a large cable company. We put out an app for them that let users email, text and make VoIP calls. Absolutely nobody in the real world used it but the company was able to make it look like it had well over a million daily users. They offered a discount on people’s cable bills if they installed the app so a lot of people did, and then the app would ping the servers once a day and this would be logged as an “active daily user.” So the million daily users was just customers who hadn’t bothered to uninstall the fucking thing. The company veeps behind the app knew it was total bullshit, but they were just trying to justify the expense of producing the app to the higher-ups.

It’s depressing to think that I spent eight years of my career writing exactly this type of useless bullshit cable company flagship app, for many different cable companies and ISPs. At least the final year was just doing literally nothing all day while “working” from home until I was finally laid off.

FlyingSquid ,
@FlyingSquid@lemmy.world avatar

Many companies are not profitable their first few years.

Especially if they’re a Twitter ripoff with one single user being the only one anyone cares about in terms of who posts.

In fact, I’m going to make a, what I feel is pretty safe, prediction that Truth Social also won’t make a profit over their last few years.

Tyfud ,

You generally don’t want losses as a business. Even a startup. Ever. You want your revenue and expenses to be as close as possible,ESPECIALLY for the first few years.

Some insane Silicon Valley companies take VC money and operate at a massive, massive loss, banking on making that up with a spike in growth later. In most cases, it’s built into their business model that they’d be operating at a loss for X quarters.

That’s not what’s happening here. They’re operating at a huge, huge loss, and they have no realistic business prospects for how to close that gap, ever.

Additionally, the market leader in their space (Twitter/X), is making a hard right pivot and becoming a right wing platform/safehaven. This is further reducing an already thin market share they might have claimed.

Purely as a business investment, if I saw these numbers, in this market condition, I would pull my money immediately. Halt all further investment. Call a board meeting. Liquidate the company to try and pay off the debts, and any proceeds are returned to the shareholders.

I would, under no circumstances, continue to invest in a company like that, expecting any sort of return on my investment. I could only expect to lose whatever else I put in.

bradorsomething ,

You’re still there, even with him running it?

wintermute_oregon ,

As I clearly said I don’t use it. I checked it out a few times and it’s not my jam. It’s very MAGA and I’m not a maga republican.
I find it’s overly focused on the culture war which doesn’t interest me.

graycube ,

Another example of his awesome business skills that he’ll be able to transfer to running the government. \s

werefreeatlast ,

Just hang in there guys and keep spending. Remember it takes all the money to make all the money 💰💰! Wink wink.

zcd ,

That’s a lot of losses for someone who only cosplays as a billionaire

dogslayeggs ,

And not a single one of his unbelievably stupid fans will sell their stock in it until he cashes out in a couple months. The absolute first second he’s allowed to sell his stake, that shit’s going to crater hard with all his Stans losing their life savings.

The real treasure was all the grifts he did along the way.

Whiskey_iicarus ,
@Whiskey_iicarus@lemmy.dbzer0.com avatar

Personally, I love this for ALL of them.

Jimbabwe ,

I’m not usually this petty, but… haha, get fucked

reddig33 ,

When is he allowed to sell his stake? I seem to recall there was a time limit after going public.

SteveFromMySpace ,

Please be a year please be a year please be a year

kent_eh ,

Would anyone with enough money to afford it be interested in owning that sinking ship?

tal ,
@tal@lemmy.today avatar

It won’t be sold as a single block – the shares will just be placed on the market.

I expect that he’ll sell for as a little as is necessary.

TimLovesTech ,
@TimLovesTech@badatbeing.social avatar

As soon as he sells it’s going to signal that he is done with the platform to all his “investors”, and will likely trigger a selloff until it craters and his base loses their money (not good to do until at least after the election).

Buddahriffic ,

Yeah but then he might be left unable to cash in on this grift. Though it will make his coup harder to pull off if his followers hate him. Could go either way.

Reyali ,

You make a good point, and yet I wouldn’t be shocked if many people were still rabid fans even if he sold it at their expense. There’s a lot of weird idolization around him, and seems like the kind of thing many of his fans would laud as his great business acumen, ignoring the negative impacts it had on them.

davidagain ,

Loser.

tal ,
@tal@lemmy.today avatar

I mean, Trump is doing very well out of this. The people who listened to him and bought stock in the thing are another story.

vanontom ,
@vanontom@lemmy.world avatar

I think we’re all hoping DJT stock loses most of its value before he cashes out. And the probability increases if he looks like he will not be president. So much of his future is tied up with him winning. What a shame…

MermaidsGarden ,
@MermaidsGarden@lemmy.world avatar

Wow, what a loser.

HurlingDurling , (edited )
@HurlingDurling@lemmy.world avatar

Need Riker playing sad violin up in here

Edit: it’s playing a sour note

Edit #2: https://pbs.twimg.com/media/FkRQTmYXwAEw_bn.jpg

TexasDrunk ,

@FlyingSquid usually has the Riker trombone queued up.

FlyingSquid ,
@FlyingSquid@lemmy.world avatar

This doesn’t feel Rikery enough. Trump is still going to make a shitload of money from this.

TexasDrunk ,

That’s fair! I just like to call you when people are looking for Riker.

FlyingSquid ,
@FlyingSquid@lemmy.world avatar

Always appreciated.

Buddahriffic ,

Hmm best I’ve got is a video of a biker playing a violin: m.youtube.com/watch?v=rK4J-GM5Mw0

I am sad I wasn’t able to find Riker playing a violin though, now I need Riker playing a sad saxophone up in here.

MediaBiasFactChecker Bot ,

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