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.

all 26 comments

sorted by: hot top controversial new old
[–] 25 points 3 months ago* (1 child)

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.

  • source
  • hideshow 1 child comment
  • [–] 50 points 3 months ago (9 children)

    What does he care, his wealth shot up from 5b to 11b since retaking office

  • source
  • hideshow 9 child comments
  • [–] 21 points 3 months ago

    He doesn't care about companies, he bankrupts them constantly...

    losses in the three months through June came as the company branched into new ventures including crypto.

    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.

  • source
  • parent
  • [–] 11 points 3 months ago (3 children)

    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.

  • source
  • parent
  • hideshow 3 child comments
  • [–] 12 points 3 months ago (2 children)

    He didn't lose money. He's using Truth social to manipulate stocks. This $238m was an investment that let him make billions.

  • source
  • parent
  • hideshow 2 child comments
  • [–] 17 points 3 months ago

    Fuck trump. He hates America.

  • source
  • [–] 12 points 3 months ago

    Everyone acting like this will screw him somehow without realizing that this is one of the ways that these fucks avoid ever paying taxes.

  • source
  • [–] 11 points 3 months ago
    1. Setup a Mastodon server
    2. Have President of US post on it
    3. Take the "company" public as a meme stock
    4. Dump your stock onto the suckers
    5. Rinse and repeat with another scam, like World Liberty Financial, or Trump Bibles, etc
  • source
  • [–] 9 points 3 months ago (2 children)

    He still pulled in how many billion last year? Yeah... it's all a scam.

  • source
  • hideshow 2 child comments
  • [–] 9 points 3 months ago (1 child)

    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.

  • source
  • parent
  • hideshow 1 child comment
  • [–] 8 points 3 months ago (1 child)

    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.

  • source
  • hideshow 1 child comment
  • [–] 4 points 3 months ago

    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.

  • source
  • parent
  • [–] 5 points 3 months ago

    One can only hope he burns in hell for eternity!

  • source
  • [–] 4 points 3 months ago

    Gotta pump those numbers up. Those are rookie numbers.

  • source
  • [–] 4 points 3 months ago

    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?

  • source
  • [–] 3 points 3 months ago
    [–] 2 points 3 months ago

    That's the art of the dwal

  • source
  • [–] 2 points 3 months ago