Investors Are Bailing as Fast as They Can From Trump’s Broke Company

Donald Trump’s businesses don’t have the best of track records: Trump Steaks, Trump Airlines, and several of his casinos have gone out of business.

And now, things aren’t looking good for Trump Media & Technology Group, the parent company of his personal social media platform Truth Social. The company’s Securities and Exchange Commission filings, released Monday, show just $4.1 million in revenue—and a staggering loss of more than $58 million.

Within hours of the filings being released, the news of the company’s losses led the stock price to drop by more than 20 percent in midday trading, with its market value standing at more than $6 billion, just a little more than Trump Media’s value when it debuted on the stock market last week.

And the worst may not be over. The company “expects to continue to incur operating losses and negative cash flows from operating activities for the foreseeable future, as it works to expand its user base, attracting more platform partners and advertisers,” the filing states.

The filing also included a note from an independent accounting firm, Colorado-based BF Borgers CPA PC, warning that Trump Media’s “operating losses raise substantial doubt about its ability to continue as a going concern.”

Trump Media completed a merger two weeks ago with Digital World Acquisition Corporation, a move that was expected to bring a financial windfall to the former president. However, Trump won’t be able to count on this deal just yet to help pay down his many legal bills.

He’ll have to wait six months to legally sell his 72 million shares in the company. Experts have warned, however, that the stock’s value can’t be counted on. It will be subject to how strong an individual investor considers Trump’s name.

A radical six-week abortion ban has automatically taken effect in Florida, thanks to a decision on Monday from the Florida Supreme Court—but there’s still a glimmer of hope.

Since Roe v. Wade was overturned, Florida has allowed abortion up to 15 weeks, making the state a major hub for people seeking abortions in the South. Governor Ron DeSantis signed a new law in April 2023 that would ban abortion after six weeks, before most people even know they are pregnant. That law was put on hold while the state Supreme Court heard a legal challenge against the 15-week ban.

The court ruled Monday to uphold the 15-week ban. As a result, the more radical six-week ban will automatically go into effect. The ruling, which touched on the “right to privacy,” overturns decades of legal precedent. The Florida state Constitution already has explicit privacy protections.

Abortion rights advocates in Florida, though, are hopeful they can win back abortion protections. The high court on Monday also approved a 2024 ballot initiative that would enshrine abortion rights in the state constitution, after hearing arguments for and against the referendum in February. Florida voters will decide whether to protect abortion when they go to the polls this November.

For now, as the six-week ban goes into effect, abortion access will effectively be wiped out throughout the Southern United States. North Carolina Republicans last year forced through a law banning abortion at 12 weeks, and South Carolina Republicans passed a law banning the procedure at six. All three states had become abortion havens in the South after the fall of Roe.

Five of the seven justices on Florida’s Supreme Court were appointed by DeSantis, and two had clear conflicts of interest. Justice Charles Canady is married to Republican state Representative Jennifer Canady, who co-sponsored the six-week ban. He refused to recuse himself from the case. Another justice, Meredith Sasso, is married to DeSantis loyalist Michael Sasso.

There is a strong chance Florida’s abortion referendum will succeed, though. The abortion rights group Floridians Protecting Freedom, which organized the ballot initiative, gathered nearly one million verified signatures to petition for the vote, far more than the minimum required. And many of those signatories were Republican voters.

Forget a MAGA takeover in 2024; some conservatives are already looking for ways to get Donald Trump back into the White House four years from now—for a third term.

A feature story in The American Conservative insisted last week that Trump shouldn’t be beholden to the details of the U.S. Constitution, arguing that a win in November could open up the GOP presidential nominee to the possibility of running for another, consecutive term, if the nation repeals the Twenty-Second Amendment.

The amendment, which was ratified in 1951, states that “no person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once.”

But clearly, Trump is such a unique prospect that the authors of the amendment couldn’t have foreseen the allure of a far-right candidate with a frenetic base. So why not just do away with it?

“As the primary season has shown us, the Republicans have not moved on from Trump—yet the Twenty-second Amendment works to constrain their enthusiasm by prohibiting them from rewarding Trump with re-election four years from now,” American Conservative contributor Peter Tonguette wrote last week.

“The case of Donald Trump, however, makes an even more forceful ethical argument against the Twenty-second Amendment and for its repeal: If a man who once was president returns, after a series of years, to stand again for the office and proves so popular as to earn a second nonconsecutive term—as Trump seems bound to do—to deny him the right to run for a second consecutive term cuts against basic fair play,” Tonguette continued.

“If, by 2028, voters feel Trump has done a poor job, they can pick another candidate; but if they feel he has delivered on his promises, why should they be denied the freedom to choose him once more?”

And, of course, pay no heed to the fact that Trump has promised to be a dictator “on day one,” or his increasingly frequent examples of his cognitive decline. It’s all fair game if it helps secure another four years under the most extreme conservative demagogue in recent history.

Donald Trump’s already star-studded hush money trial just added a new witness to its lineup: former Trump White House Communications Director Hope Hicks.

Hicks had previously testified before a grand jury investigating Trump’s 2020 election interference, and she will testify again, reported MSNBC on Monday.

The trial, which is scheduled to begin jury selection on April 15, focuses on accusations against the former president for allegedly using his former fixer Michael Cohen to sweep an affair with porn actress Stormy Daniels under the rug ahead of the 2016 presidential election. Hicks was, at the time, serving as Trump’s campaign press secretary.

An attorney for Hicks claimed in 2019 that the ex-aide was unaware of any hush money payments between her boss and Daniels, but an FBI affidavit in Cohen’s federal criminal case cast doubt on that, citing evidence that Cohen had exchanged calls, text messages, and emails with Daniels’s legal counsel, Trump, and Hicks.

“I have learned that in the days following the Access Hollywood video, Cohen exchanged a series of calls, text messages and emails with Keith Davidson, who was then [Daniels’s] attorney, David Pecker and Dylan Howard of American Media Inc., the publisher of the National Enquirer, Trump, and Hope Hicks, who was then press secretary for Trump’s presidential campaign,” the affidavit reads.

Trump is facing 34 felony charges in this case for allegedly falsifying business records with the intent to further an underlying crime. He has pleaded not guilty on all counts.

Alongside Hicks, Cohen and Daniels are also expected to be star witnesses in the trial, though Trump had previously attempted to keep both of them far away from it on the basis that the two were “liars.” But last month, a judge nixed that effort, allowing them both to testify.

This story has been updated.

A Republican representative thinks that the U.S. response to the humanitarian crisis in Gaza brought on by Israel’s bombing campaign should be resolved “like Nagasaki and Hiroshima.”

Michigan Representative Tim Walberg made the horrific comment during a town hall meeting on Friday. In response to an audience question about the United States building a temporary port in Gaza to facilitate aid deliveries, he said that the U.S. shouldn’t be sending any aid to Palestinans in the region.

“We shouldn’t be spending a dime on humanitarian aid,” Walberg said.

Instead, “it should be like Nagasaki and Hiroshima. Get it over quick,” he said.

Palestinians in Gaza are experiencing a humanitarian crisis including starvation and a lack of medical care due to Israel’s war and invasion of the territory, which Tel Aviv claims is in response to the October 7 attacks. In Walberg’s eyes, any humanitarian aid to the Palestinians would support Hamas, Iran, Russia, and “arguably North Korea’s in there, and China too.”

After receiving criticism from Michigan Democrats over the remarks, a spokesperson for Walberg, Mike Rorke, told the Detroit Free Press that “during [Walberg’s] community gathering, he clearly uses a metaphor to support Israel’s swift elimination of Hamas, which is the best chance to save lives long-term and the only hope at achieving a permanent peace in the region.”

Rorke said that Walberg “has great empathy for the innocent people in Gaza” and noted that “Hamas still is holding hostages, including Americans. Hamas should surrender and return the hostages.”

Walberg’s comments are just the latest in a series of violent and often bigoted comments from right-wing politicians about Palestinians and Israel’s war in Gaza, which is entering its fifth month. Donald Trump said early in March that Israel had to “finish the problem” in Gaza, while Representative Brian Mast compared Palestinians to Nazis in November and even questioned the innocence of Palestinian babies in February. Meanwhile, the U.S. recently approved sending more bombs and fighter jets to Israel.