Company also announced a paid service for early access to president’s posts on policies to the social media site
Donald Trump’s media company – which owns the Truth Social platform favored by the US president – posted a $238m loss in the second quarter.
Trump Media & Technology on Monday reported that losses in the three months through June came as the company branched into new ventures including crypto. The company’s new chief executive, Kevin McGurn, announced at a conference call about the earnings that after a yearlong effort to expand into online betting and crypto, the company would be refocusing on social media.
26 Comments
unitedwithme@lemmy.today · 56 pts · 6d
What does he care, his wealth shot up from 5b to 11b since retaking office
Kirp123@lemmy.world · 47 pts · 6d
He's covering his losses with the American taxpayers money.
unitedwithme@lemmy.today · 13 pts · 6d
No doubt
givesomefucks@lemmy.world · 22 pts · 6d
He doesn't care about companies, he bankrupts them constantly...
Neither him nor his family is holding any of that.
They bought a bunch for nothing. Then had the company buy a shit ton.
Then after the rubes stopped buying, they sold their personal stashes, and let the company take the hit on crypto loss, to cover other gains. that way they could "insider trade" the crypto dump tip out in waves to different people.
At the end of it, this loss covers gains elsewhere.
Mihies@programming.dev · 11 pts · 6d
He is allergic to loosing money no matter how much he steals it. Just look at the lengths he goes to avoid paying sexual assault compensation which is peanuts compared to all grifts.
ExLisper@lemmy.curiana.net · 12 pts · 6d
He didn't lose money. He's using Truth social to manipulate stocks. This $238m was an investment that let him make billions.
Typotyper@sh.itjust.works · 5 pts · 6d
No taxes paid if he can manipulate tax returns to show a loss
ExLisper@lemmy.curiana.net · 4 pts · 6d
You think Trump is still doing taxes? 😂
Almacca@aussie.zone · 8 pts · 6d
And he's still bitching about paying E. Jean Carroll.
Polisheocket@lemmy.zip · 2 pts · 6d
He needs an L to offset his illegal gains
13igTyme@piefed.social · 25 pts · 6d
When sensible people look at service things like the post office and the library, it's understood that profit should be negative with revenue being zero. It's a service already being paid for.
When a dictator looks at a propaganda machine, they understand losses are acceptable when it's used to make billions elsewhere and gain control.
CharlesDarwin@lemmy.world · 2 pts · 5d
Right? He made 2 BILLION (that we know of), just last year. Losing $238M on this, even assuming all 238M of that is coming out of his bottom line?
BFD.
mufkin@lemmy.zip · 17 pts · 6d
Fuck trump. He hates America.
prole@lemmy.blahaj.zone · 12 pts · 6d
Everyone acting like this will screw him somehow without realizing that this is one of the ways that these fucks avoid ever paying taxes.
bambam@piefed.social · 11 pts · 5d
PattyMcB@lemmy.world · 10 pts · 5d
He still pulled in how many billion last year? Yeah... it's all a scam.
village604@adultswim.fan · 10 pts · 5d
That's why I laugh when people use the failed casinos to point out he's a bad businessman.
The casinos weren't meant to make a profit. They were meant to launder money and line his pockets.
He's still a bad businessman, but not because of the casinos.
Zeppo@sh.itjust.works · 2 pts · 5d
Right… my guess is he looted the casinos and ripped off investors, and used them for tax tricks. Not really went bankrupt.
Arghblarg@lemmy.ca · 8 pts · 6d
It doesn't need to make money any more (if it ever did), it's a "loss leader" of sorts; it's lube, to keep the other grifts going which he now makes far more money from.
skisnow@lemmy.ca · 4 pts · 6d
I would make fun of the guy for not even being able to make a bribery scheme unprofitable, but I've never been more certain that the losses are on paper only for tax and creditor purposes.
DementedSociety@lemmy.world · 5 pts · 6d
One can only hope he burns in hell for eternity!
Zeppo@sh.itjust.works · 4 pts · 5d
Quite sure this is just financial chicanery. "Lost money" - well, where did it go to? They didn't burn cash in a bonfire. So who has it then? Suppliers? Insiders?
floofloof@lemmy.ca · 4 pts · 6d
Gotta pump those numbers up. Those are rookie numbers.
wizbiz@lemmy.blahaj.zone · 3 pts · 6d
lol
cyberpunk007@lemmy.ca · 2 pts · 6d
That's the art of the dwal
DrSleepless@lemmy.world · 2 pts · 6d
Ha ha!