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this post was submitted on 18 Jun 2024
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politics
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Didn't they at least raise $500 million or something?
It's not a totally worthless company. Honestly, the point we should celebrate is when it drops below the value of the $$$$ that was pumped into the stock. The IPO and SPAC rised nearly $500Million so the company officially loses value at around $6/share or so.
With a gross profit of over 4 million!
Gross.
Interest rates are 5.25% right now. If they just put that money in a money-market fund, they'd be getting ~$25 million/year in profits alone.
Just $4 Million in profits is hilariously bad. It means the company is doing worse than a pile of cash.
They're doing way worse their balance sheet or whatever only quoted them at $770,000 total revenue last quarter. Overall they lost 325 million dollars last quarter.
I think you meant revenue and not profit. I believe that they are still operating at a loss of several hundred million dollars with a shrinking user base.
https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=318335901&type=HTML&symbol=DJT&cdn=9e3de96d8329abffd26f1592e860e7c6&companyName=Trump+Media+%26+Technology+Group+Corp.&formType=10-Q&formDescription=General+form+for+quarterly+reports+under+Section+13+or+15%28d%29&dateFiled=2024-05-20#StatementofOperations
Net Loss: (327,599.7) (Thousands).
That's $327.5 Million lost last quarter. Holy shit.