Never give a sucker an even break
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Truth Social has a revenue stream comparable to that of a moderately successful local restaurant, and expenditures comparable to those of 25 moderately successful local restaurants.
It has a current market capitalization of $9 billion, which is about 25% more than Mattel, and 50% more than Western Union.
Facebook gets about 3,000 visits for every one that Truth Social gets. The company’s own prospectus states that it cannot project turning a profit in any foreseeable time horizon.
Trump Media lost $49 million in the first nine months of last year, when it took in just $3.4 million in revenue and had to pay $37.7 million in interest expenses. In a recent regulatory filing, the company said it will lose money “for the foreseeable future.”
Research firm Similarweb estimates that Truth Social had roughly 5 million monthly visits in February of this year. By comparison, Facebook had 15.2 billion visits, while Reddit had 2 billion.
In other words, Truth Social’s web presence is almost infinitely closer to LGM’s than it is to any other social media site you’ve ever heard of (LGM does not currently have a market capitalization of $9 billion).
Donald Trump’s on paper share of the company is currently worth around $5 billion. An interesting question is how much of the stock’s price, which obviously is and will remain completely unconnected to any actual or prospective economic activity on the part of the company, is a product of Bigger Fool tulip frenzy logic, and how much is driven by political supporters, who give Trump money because they remain in a sado-masochistic relationship with their savior/abuser.
I guess we”ll find out soon enough.