On the day after Easter, Donald Trump, who likes to compare himself to Jesus Christ, told the truth about his social network platform, Truth Social, and the truth did not set him free. It cost him about $1 billion as Truth Social’s stock price dropped 21 percent.
The bad news was delivered in an 8-K form filed with the Securities and Exchange Commission, and accompanying documents. These materials reveal that Truth Social, which was valued at about $8 billion when the stock debuted last week, lost $58 million last year. Revenues were only about $4 million, and Truth Social “expects to continue to incur operating losses and negative cash flows from operating activities for the foreseeable future.” At the end of trading Monday, Truth Social’s value was marked down to (a still wildly inflated) $6.7 billion.
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