Trump Media Is Absolutely Tanking—as Trump’s Legal Bills Pile Up

Donald Trump’s social media venture is taking a serious dive, according to its first earnings report.

Trump Media and Technology Group, which owns Truth Social, lost about $327.6 million last quarter ending March 31. These losses include $311 million in noncash expenses from the company’s merger with Digital World.

The company only brought in about $770,500 in revenue, down from $1.1 million the year before. The report had been delayed after the company fired its auditor, BF Borgers, who was charged with “massive fraud” by the Securities and Exchange Commission earlier this month. The company has had at least two other auditors in its short existence: one that resigned in July 2023 and another that was terminated in March to hire BF Borgers.

The company is currently trading at $48 per share, down from its peak of nearly $72 during its initial public offering in March. That’s a loss of more than half the company’s value. It had a bad run of news, even reaching out to the federal government to figure out why the stock has performed so poorly. Trump Media’s CEO, former Representative Devin Nunes, even complained to NASDAQ’s CEO that the company was the victim of illegal “naked short selling”—leading to his brutal mocking on Wall Street. Two of the company’s top investors were also charged with insider trading in April.

As a result of the company’s losses and his own financial difficulties, Trump himself has been kicked off the Bloomberg Billionaires Index, a daily ranking of the 500 richest people in the world. He also has to be careful about his usual bragging, as the SEC could see it as an attempt to pump up the company’s stock. And Trump can’t sell off any of that stock for six months without board approval, a difficult prospect considering his hefty legal bills.

A video published on Donald Trump’s Truth Social account Monday afternoon featuring hypothetical headlines included reference to a “unified Reich” alongside a much larger, bolded headline reading, “What’s Next for America?”

The Trump campaign claims the video was made by a “random account,” according to statements provided to NBC, and that it was republished to Trump’s Truth Social without his knowledge while he was in court for his hush-money trial. The video was left posted for hours and was only removed Tuesday morning.

Trump previously described neo-Nazis who marched in the fatal Unite the Right rally in 2017, carrying tiki torches and chanting “Jews will not replace us,” as “very fine people.” He has made comments echoing Hitler’s Mein Kampf as recently as last year, claiming immigrants are “poisoning the blood of this country.” His past administration and current allies are riddled with white nationalists. It comes as no surprise that a member of his campaign team would pull a DeSantis and “accidentally” publish a video on behalf of Trump infused with a positive reference to Nazi Germany.

The video, which presents as a campaign ad, asks, “What’s next for America? The economy booms. American energy is unleashed, and an end to crushing taxes. The border is closed, and the largest deportation in history is underway. No more wars, as we focus on home. Law and order is restored. The American Dream is back and the best is yet to come.”

Nazi Germany used the term “Reich” to suggest a historical return to previous empires. Following the Holocaust, Reich fell out of usage except in reference to Germany under Hitler. The “unified Reich” headline appears to be pulled from the Wikipedia page for World War I. Beyond that headline, the ad features copy discussing World War I and early twentieth-century war history dated between 1914 and 1918—at the height of Jim Crow, prior to women’s right to vote, and just before the Ku Klux Klan became a mass movement. “Make America great again,” the voiceover on the video declares as it ends, effectively confirming what critics have long said the phrase coined by Ronald Reagan’s 1980 campaign and repopularized by Trump really means: Make America great again for a select, ultraracist few.

Dan Snyder, the disgraced former owner of the Washington Commanders, is less than thrilled about the premiere of a movie critical of Donald Trump at the Cannes Film Festival—even though he helped fund it.

The Apprentice covers Trump’s early years in the real estate industry—and focuses on the former president’s relationship with notorious political fixer Roy Cohn and Trump’s relationship with his first wife, Ivana—and premiered on Monday at Cannes to a rapturous eight-minute standing ovation. Little more was known about the film, which stars Sebastian Stan as Trump and Succession’s Jeremy Strong as Cohn, before its premiere—aside from the fact that Snyder hated it and wanted it shelved.

Snyder, a longtime Trump ally who has donated more than $1.2 million to his previous campaigns, has been embroiled in a legal battle with the film’s producers since he saw an early cut of it in February. The viewing left Snyder “furious” with the creative direction of the film, and he reportedly took issue with several parts of the story, leveraging his position as an investor with the film’s distribution company, Kinematics, to argue for changes to the script, according to Variety. (That could potentially refer to one scene in which Trump is depicted sexually assaulting Ivana, as described in the couple’s 1989 divorce deposition. Ivana Trump later distanced herself from the allegation.) When his suggestions didn’t stick, Snyder turned to cease-and-desist letters in a last-ditch effort to shut the film down. But still, it persists.

“All creative and business decisions involving The Apprentice have always been and continue to be solely made by Kinematics,” Kinematics president Emanuel Nuñez told Variety.

It’s unclear if Snyder was in attendance at Monday’s screening, though his yacht, the Lady S, was reported to be off the coast of Cannes Monday afternoon. After the screening ended, the movie’s director, Ali Abassi, gave a speech denouncing the rise of fascism.

Prior to the Trump film fiasco, Snyder was best known as a much-despised former co-owner in the NFL. Before selling the Washington Commanders, Snyder was investigated for alleged workplace harassment and sexual misconduct, was sued by the D.C. attorney general for allegedly colluding to mislead customers, was accused by the ranking Democrat on the U.S. House Committee on Oversight and Reform of lying under oath during a hearing regarding sexual assault allegations against his team, and famously screwed up a venture to get the Commanders a new stadium before a lineup of former female employees spoke out against him in front of Congress.

Donald Trump says he’d consider current Texas attorney general and harbinger of far-right doom Ken Paxton for his own U.S. attorney general if he retakes the White House.

“He’s very very talented,” Trump said during the National Rifle Association’s annual convention in Dallas, on Saturday. “We have a lot of people that want that one [position] and will be very good at it, but he’s a very talented guy.”

KDFW asked Trump if he would consider Paxton—facing disciplinary action from the Texas state bar for his efforts to overturn 2020 election results—for the position. “I would, actually,” Trump replied, marking the first name Trump has floated for a possible U.S. attorney general should he win the 2024 presidential election.

Trump has already promised to remold the Justice Department into his personal attack dog—and putting Paxton at the helm is particularly terrifying.

Law and order–hating Paxton frequently finds himself surrounded by corruption charges. In 2023, he faced unsuccessful impeachment proceedings by the GOP-led Texas Senate for bribery and abuse of public trust. Those proceedings largely stemmed from Paxton allegedly using his office to benefit Nate Paul, a wealthy donor of Paxton’s who is facing his own legal turmoil.

Far-right billionaire supporters of Paxton operating under a PAC named Texans United for a Conservative Majority—rebranded after Defend Texas Liberty got caught hanging out with Hitler fans—reportedly dumped $3 million to support candidates running against Republicans who led Paxton’s impeachment proceedings.

Last year, Paxton also threatened to prosecute any and all abortion doctors in Texas, even in cases where a court says they can conduct the health procedure.

Paxton infamously spoke at Trump’s rally on January 6, 2021, ahead of the Capitol riot, telling the crowd of future rioters, “We will not quit fighting.”

Donald Trump’s hush-money trial has drawn quite a few of his high-profile supporters, including members of Congress and those hoping to be his vice presidential running mate. Among them also happens to be a onetime leader of the Hells Angels gang.

Chuck Zito, who helped to found the New York Nomads chapter of the outlaw motorcycle gang, was among Trump’s entourage on Monday at the Manhattan courthouse where his trial is being held.

Zito has a criminal record, serving prison time from 1985 to 1998 for drug conspiracy charges. His chapter of the Hells Angels has also been linked to the Gambino Mafia crime family. And the Justice Department considers Hells Angels to be an organized crime syndicate.

Why would Trump want him at his trial in New York? Zito doesn’t have a political career. These days, he’s more famous for his occasional acting. However, The New York Times points out that Trump has an old association with bikers going back to his 2016 campaign, when he addressed a Washington, D.C., biker rally. There’s even a Bikers for Trump group, which took part in several Trump rallies alleging that the 2020 election was stolen.

Zito isn’t the only Trump supporter with a criminal record who appeared at the courtroom on Monday: Former New York Police Department Commissioner Bernard Kerik, who went to prison on tax charges and was later pardoned by Trump, also showed up for moral support.

And while Zito’s mob ties might appear bad on the surface, Trump has ties to organized crime himself going back decades. Legal experts have expressed concern for the safety of jurors in Trump’s trials. And the former president has even been accused of using “an obvious Mafia tactic” to get around his gag order in the case by having his supporters speak for him. Zito’s attendance in many ways is a boost to Trump’s ego: He has an infamous tough guy show up in his corner at a trial that could send him to prison.

The Republican presidential nominee is facing 34 felony charges for allegedly falsifying business records with the intent to further an underlying crime by using his former fixer, Michael Cohen, to pay off adult film actress Stormy Daniels to cover up an affair before the 2016 election. He has pleaded not guilty to all charges.