Internal Documents Expose How Trump Fooled Investors on Truth Social

Donald Trump’s media company initially presented some grandiose projections to attract potential shareholders. Cut to two years later, and those projections have proved to be completely misleading, according to a Meidas Touch report published Friday. 

The original pitch deck that Trump Media & Technology Group showed to its investors in 2022, including “hundreds of thousands of retail shareholders,” per CEO Devin Nunes, contained some pretty fantastical numbers. The company projected revenue of $114 million in 2023, which would then balloon to $835 million in 2024. 

The reality of Trump’s struggling stock couldn’t live up to the fantasy that was promised.

In 2023, TMTG’s revenue was only $4.1 million, and the company reported a loss of more than $58 million. The projection fed to investors was off by a whopping $110 million—and that was before the election cycle had even really begun. Since then, things have become even more dire.  

Since spiking around the Republican National Convention, the value of Truth Social stock has steadily declined. Shares of Trump’s media stock have often corresponded with how well investors think Trump’s presidential campaign is going, according to The New York Times. 

The company’s current state is a far cry from the massive jump it was projected to make this year. By the end of the second quarter of 2024, TMTG had only taken in $836,000 and reported losses of $343 million. 

Trump’s majority stake in the company, which is 115 million shares, a roughly 60 percent stake, was once worth a whopping $6 billion. Now it’s worth only $2 billion.

TMTG stock has continued to crater this week, as it hit its lowest value since it became publicly traded, closing beneath $17 on Wednesday. 

Donald Trump apparently doesn’t care whether or not he wins in November anymore.

At a Fox News town hall on Thursday, the Republican presidential nominee revealed that his 2024 campaign strategy excludes anyone who he doesn’t believe supported him in the last election cycles.

Responding to a question from Sean Hannity about the economy, Trump spun a thread about a would-be supporter in the Republican primary who hadn’t voted for him before.

“One person who didn’t support me—he said, ‘I must admit I had the most successful four years of my life but I’m gonna vote for some—’ and now that person came back to me. I don’t want that person,” Trump said to muffled applause. “I don’t want that person.

“You know, they say you should take everybody, but that’s not the way I’m built. It’s one of those little problems,” he added.

It’s not the first time Trump has attempted to wash his hands of the labor required to win a fair election. Speaking in Detroit in June, Trump said of his campaign, “We don’t need [the] votes,” and “We got more votes than anybody’s ever had.” Instead, he argued that the campaign needed to “guard the vote” in anticipation of a “steal.”

Failing to draw more voters to his cause would, frankly, prove to be a huge problem for Trump, who finally admitted earlier this week that he actually did lose the 2020 election. The former president lost to President Joe Biden by more than seven million votes.

Neglecting to court those voters would surely spell disaster for his chances in November, especially during a fresher election season that has drawn renewed energy since Vice President Kamala Harris has taken over the Democratic ticket—though Trump may not understand the depth of the problem. While Trump’s support levels have held steady, Harris’s have slowly grown, indicating that she is picking up crucial undecided voters.

Later in the town hall, Trump made an outlandishly hyperbolic statement about his support around the country while discussing the September 10 debate on ABC News, arguing that the network better “be fair” to him or else it would alienate “75, 80 percent of the country.”

Senator Marco Rubio doesn’t think that Russia paying off right-wing influencers is a big deal.

The ranking member of the Senate Foreign Relations Committee was asked on Fox News Thursday about the Justice Department revelation that several conservative commentators were paid by assets of the Russian government to produce propaganda and disinformation. Rubio defended the influencers, calling them “victims.”

“We are talking about preexisting political opinions in the United States. These are preexisting political opinions that have existed well before any Russian engagement or involvement or what have you,” Rubio said to Sean Hannity. “These people that they say that were being funded by the secret donor that was hiding their true identity, they already had these opinions, they already believed in these things.”

“They legitimately believe in the views that they’re espousing,” Rubio added. “They were victims, they were targets of a fraud in which someone posing as just a regular investor had Russian money behind them.”

Rubio is joining his fellow conservatives in defending the commentators at Tenet Media, which the DOJ revealed Wednesday was secretly funded by Russian state media employees in “a scheme to create and distribute content to U.S. audiences with hidden Russian government messaging.” These influencers included Tim Pool, Dave Rubin, Lauren Chen, and Benny Johnson. One right-wing media organization, Blaze Media, has already fired Chen as a result of the indictment.

Not surprisingly, these commentators described themselves as victims in the scheme, a point that was not only echoed by Rubio, but also by MAGA Republicans like Representative Matt Gaetz, pundit Ben Shapiro, and even Donald Trump. But, how do they explain that these “preexisting ideas” popular among Republicans right now seem to be exactly what Vladimir Putin’s government wanted to fund?

Previous Russian operations in the United States appear to have been aimed at promoting conflict and discord to undermine faith in the country’s institutions, such as the electoral process, and promote foreign policy favorable to Russia. It stands to reason that funding conservative influencers had similar aims. Right-wing figures like Rubio, Trump (whose political rise has been very useful to Putin), and Gaetz have to ask themselves if the ideas they’re espousing can really be good for America if Putin himself wants to put money behind them.

The Russian disinformation plot revealed in a Justice Department indictment this week may just be the tip of the iceberg, according to newly unsealed court documents.

On Wednesday, the DOJ announced it would seize 32 internet domains linked to a larger Kremlin scheme to promote disinformation and influence the 2024 election. The Russian campaign, known as Doppelganger, uses AI-generated content to create “fake news” boosted through social media with the aim of electing Donald Trump.

“Today’s announcement exposes the scope of the Russian government’s influence operations and their reliance on cutting-edge AI to sow disinformation,” FBI Director Christopher Wray said in a statement about the charges. According to records, the plan was well known at even the highest levels of the Russian government—and Russian President Vladimir Putin himself may have been aware of the campaign.

Of particular note, the documents released Wednesday included an affidavit that noted a Russian company is keeping a list of more than 2,800 influencers world wide, about one-fifth of whom are based in the United States, to monitor and potentially groom to spread Russian propaganda. The affidavit does not mention the full list of influencers, but is still a terrifying indicator of how deep the Russian plot to interfere in U.S. politics really goes.

The Doppelganger program and its “Good Old USA Project” aimed to mimic mainstream media outlets to push pro-Russian policies through fake social media accounts. Documents show that the Kremlin specifically targeted Trump supporters, minorities, gamers, and swing-state voters by spreading far-right conspiracies and capitalizing on existing divisions in U.S. politics.

​​”They are afraid of losing the American way of life and the ‘American dream,’” Ilya Gambashidze, an architect of the project, wrote, outlining his scheme. “It is these sentiments that should be exploited in the course of an information campaign in/for the United States.” To do so, the Russian government would emphasize that Republicans are “victims of discrimination of people of color” and promote conspiracies that white middle-class people are being discriminated against.

The “guerrilla media” plan needed to not only plant falsehoods, but also spread them far and wide. They targeted gamers and chatroom users, who they described as the “backbone of the right-wing trends in the US segment of the Internet,” and monitored social media influencers. The Russians planned to build relationships with prolific posters who were “proponents of traditional values, who stand up for ending the war in Ukraine and peaceful relations between the US and Russia, and who are ready to get involved in the promotion of the project narratives.”

“We need influencers! A lot of them and everywhere. We are ready to wine and dine them,” wrote Gambashidze in a note from a meeting with Russian government officials.

Though this specific campaign has no official link with recent findings about Tenet Media’s work with Russian state media network RT, the goals are the same: “To secure victory for [Donald Trump].”

J.D. Vance completely fumbled his response to Wednesday’s mass shooting at Apalachee High School in Georgia, in which he resigned to school shootings as a bleak “fact of life.”

“Now look, the Kamala Harris answer to this is to take law-abiding citizens’ guns away from them. That is what Kamala Harris wants to do,” Vance said during a rally Thursday in Arizona.

“Look, I don’t like this. I don’t like to admit this. I don’t like that this is a fact of life,” Vance said. “But if you’re—if you are a psycho and you want to make headlines, you’d realize that our schools are soft targets.”

“We’ve got to bolster security so that if a psycho wants to walk through the front door and kill a bunch of children, they’re not able to,” Vance said, sharing his fatalistic view of what are entirely avoidable tragedies. There is just no way to prevent young people from committing gross acts of violence with tools that the government already supposedly regulates. Just no way!

Vance’s limp policy idea imagines public schools as the only venue for a mass shooting—increased security there would not prevent, say, a shooting at a university campus, church, grocery store, mall, or really anywhere else. Plus, even he admitted he didn’t like the idea of beefed up security around his children.

“And again, as a parent, do I want my school to have additional security? No, of course I don’t,” Vance said. Then why did he just pitch it? “I don’t want my kids to go to school in a place where they feel like they’ve got to have additional security. But that is increasingly the reality that we live in.”

Vance’s cynical response to the deadly shooting, which killed four people and injured nine others, is particularly grim in light of Kamala Harris’s response: “It doesn’t have to be this way.”

The fallout from last week’s Arlington National Cemetery fight is still plaguing the Trump campaign.

The Trump staffers reportedly involved in accosting a cemetery official are Justin Caporale, a deputy campaign manager for Donald Trump’s reelection bid, and Michel Picard, a member of Trump’s advance team, NPR reported Thursday evening.

Caporale had previously worked under former First Lady Melania Trump, and served under Florida Governor Ron DeSantis as director of external affairs, according to the Tampa Bay Times. Caporale was also listed as an on-site contact during the January 6 riot at the U.S. Capitol. He was, at the time, a project manager for the Women for America First rally, before some of the crowd stormed into the halls of Congress.

Trump’s decision to film at the military graveyard—and in Section 60, where recent military casualties are buried—violated federal law, which prohibits politically related activities in the cemetery such as taking photos and videos in support of a political campaign. The criminal behavior sparked a verbal and physical fight between Trump’s surrogates and an Arlington National Cemetery official who attempted to rein in the politico’s videotaping.

The Trump campaign claimed that they had been given permission to videotape by the families of fallen service members, but unfortunately for Trump, that doesn’t change federal law. In a rare statement last week, the Army said that it considered the case closed but sided with the cemetery official, writing that they believed the official had been “abruptly pushed aside” and “unfairly attacked” by Trump staffers.

Trump has even begun this week to insist the fight did not happen at all, making the involvement of a senior campaign staffer all the more damaging. Trump’s campaign has repeatedly promised to release video exonerating both him and his staffers, but no video has appeared.

The Republican presidential nominee’s anti-military rhetoric has been a point of contention with current and former service members in recent weeks. In August, the reputed Vietnam-era draft dodger came under fire for arguing that the Presidential Medal of Freedom he awarded to one of his billionaire donors was “much better” than the nation’s highest military honor, the Medal of Honor. That comment struck a nerve with veterans, who connected Trump’s disrespectful rhetoric to a 2020 Atlantic report that caught the former president repeatedly referring to fallen soldiers as “suckers and losers.”

The Republican Party is in trouble this election, and may lose its majority in the House of Representatives—so says Texas Representative Tony Gonzalez, a Republican himself.

Speaking at the Texas Tribune Festival on Thursday, the congressman said he believed the party would lose in November due its own actions.

“What’s frustrating me is I firmly believe that House Republicans are going to lose the majority—and we’re going to lose it because of ourselves,” Gonzales said.

Gonzalez said that a culture of blame had taken hold of his party, as well as the Democrats, pointing to a cycle of oversight hearings opposed to whichever party was in power.

“It’s not rocket science here. You know the economy, it’s really real. I mean, more and more middle-class Americans are falling further and further behind in access to quality health care,” said Gonzalez. “Are we talking about this? Are we talking about some of these kind of kitchen table issues? No—it’s all about who we’re going to impeach.”

Gonzalez was censured by the Texas state Republican Party earlier this year for voting for gun safety legislation, and increasing same-sex marriage protections. He also directed some of his criticism toward Democrats, who failed to break through for a major victory in the state.

“Texas Democrats are failing to deliver the message. They are stuck in all-or-nothing, and guess what? They’re getting nothing,” Gonzalez said. “That works out well for Republicans.”

Texas Democrats “haven’t evolved into going, ‘How do I win a race? How do I deliver a message for the general population, and not just my base?’” Gonzalez added. “And anytime you get stuck in that, you’re going to lose.”

Gonzalez hasn’t shied away from criticizing his party in the past, attacking Representative Matt Gaetz for “paying minors to have sex with them at drug parties” and Representative Bob Good for endorsing his opponent, “a known neo-Nazi,” in a CNN interview in April.

“These people used to walk around with white hoods at night. Now they’re walking around with white hoods in the daytime,” Gonzalez said at the time.

The Texas congressman isn’t the only member of his party who has been critical of the GOP’s lack of results recently. Last November, Representative Chip Roy yelled at his colleagues for failing to accomplish anything significant, and in January, Representative Andy Biggs complained on Newsmax that his party has accomplished “nothing” since winning control of the House in 2022.

Gonzalez isn’t likely to win over many of his colleagues, though: The National Republican Congressional Committee immediately issued a statement saying that they “disagree” with him.

Hours after the Justice Department announced it is charging a former Trump adviser over his work with Russian media, Donald Trump made a shocking promise: He’ll lift U.S. sanctions on Russia.

The Justice Department on Thursday charged Trump’s 2016 campaign adviser Dimitri Simes, as well as his wife, Anastasia, for working with a sanctioned Russian state television network and laundering the profit. According to the indictment, the couple received over $1 million, a personal car, and a driver for their work with Russia’s Channel One. (Simes, by the way, is mentioned over 100 times in the Mueller report, for his relationship with Trump allies like Jared Kushner.)

Given the news, when Trump took the stage at the Economic Club of New York on Thursday, the first question from the panel of business leaders was about Russian sanctions. H. Rodgin Cohen, senior chair of law firm Sullivan & Cromwell, asked the former president if he “would strengthen or modify any of these economic sanction programs, particularly Russia.”

Trump then went on a rant about the problems of sanctions, stating clearly, “I want to use sanctions as little as possible.”

“You’re losing Iran, you’re losing Russia. China is out there trying to get their currency to be the dominant currency,” he said, explaining that he believes sanctions of countries like Russia weaken the dollar. “There’s so much conflict with all these countries that you’re going to lose” the dominance of the dollar.

During his time in office, Trump imposed new sanctions on Iran and North Korea but was so reluctant to impose sanctions on Russia, despite election interference and its use of chemical weapons, that lawmakers had to force his hand. As he described to Cohen on Thursday, Trump was quick to take the punishment away. “I use sanctions very powerfully against countries who deserve it, then I take them off.”

The sanctions that Dimitri and Anastasia Simes violated were put in place “in response to Russia’s illegal aggression in Ukraine,” U.S. Attorney Matthew M. Graves said in a statement.

Thursday’s indictment comes on the heels of another Justice Department case charging two Russian state media employees in “a scheme to create and distribute content to U.S. audiences with hidden Russian government messaging.” Several prominent pro-Trump influencers were implicated in the case.

Donald Trump couldn’t come up with a meaningful answer when asked about how he would make childcare affordable Thursday.

Speaking at the Economic Club of New York, the Republican presidential nominee gave a long, meandering answer to the question and didn’t even mention children or any possible solutions to the issue, even though he was asked what specific legislation he would pass.

“It’s a very important issue. But I think when you talk about the kind of numbers that I’m talking about that, because, look, childcare is childcare. It’s something you know you have to have it, in this country you have to have it,” Trump’s answer began, before he went off on a tangent about economic numbers.

“We’re going to be taking in trillions of dollars, and as much as childcare is talked about as being expensive, it’s, relatively speaking, not very expensive compared to the kind of numbers we’ll be taking in. We’re going to make this into an incredible country that can afford to take care of its people,” Trump added, still failing to actually answer the question.

Trump’s incoherent answer was somehow worse than the one his running mate, J.D. Vance, gave Wednesday at a Turning Point Action event in Arizona when asked a similar question. Vance told conservative pundit Charlie Kirk that he would suggest people turn to their family members to help with childcare, or, if family members were not available, to loosen education requirements for childcare workers.

Aside from the fact that these answers indicate that the ostensibly pro-family Republican Party has poor solutions to making childcare less expensive, they also show Trump’s increasing cognitive decline. He was asked a straightforward question on how he would make childcare less expensive and the specific legislation he would pursue to make that possible. Trump either had no interest in a coherent answer or wasn’t capable of providing one. Kamala Harris’s presidential campaign had a quick response.

“Billionaire-bought Donald Trump’s ‘plan’ for making child care more affordable is to impose a $3,900 tax hike on middle class families,” Harris campaign spokesperson Joseph Costello said in a statement. “The American people deserve a President who will actually cut costs for them, like Vice President Harris’ plan to bring back a $3,600 Child Tax Credit for working families and an expanded $6,000 tax cut for families with newborn children.”

Is Trump capable of presenting, or even understanding, substantive policy ideas? His apparent mental state says he is not, and media coverage seems to gloss over discussions about his condition. Perhaps the upcoming debate with Harris next week will finally expose him in front of a national audience.

X owner, Tesla chief, and SpaceX executive Elon Musk could pick up another role should Donald Trump win in November: leading a government efficiency task force.

The task force would have the authority to audit federal spending and regulations, and came at the recommendation of Musk himself, Trump said in remarks Thursday to the Economic Club of New York.

“At the suggestion of Elon Musk, who has given me his complete and total endorsement—that’s nice, a smart guy, he knows what he’s doing, he knows what he’s doing! It’s very much appreciated—I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms,” Trump told the subdued crowd of business executives. “We need to do it. Can’t go on the way we are now.”

According to Trump, the commission would develop a plan to “totally eliminate fraud and improper payments within six months,” aiming to slash trillions of dollars from the federal budget while promising not to alter government services. He did not identify any specific programs that could be slashed to save the cash, making budget experts from both parties very wary of the ambitious promise, according to The Washington Post’s White House economics reporter Jeff Stein. The commission as a whole represents an apparent dig at spending under the Biden-Harris administration.

Musk and Trump have grown closer since the tech billionaire formally endorsed the Republican presidential nominee after an assassination attempt in July. That same month, Musk pledged to give $45 million a month to a pro-Trump super PAC (a promise he later walked back.) The pair also shared a long, sprawling talk on X in August (the details of which may have violated FEC regulations.)

Ahead of Trump’s speech, Musk took to X to confirm that he would be open to such a role.

“I look forward to serving America if the opportunity arises,” Musk wrote in a post. “No pay, no title, no recognition is needed.”

Musk had already previewed his potential federal job on Tuesday, tweeting that he “can’t wait” to take on a cust-cutting role. “There is a lot of waste and needless regulation in government that needs to go,” he warned.

But regardless of his enthusiasm, Musk’s previous attempts to rein in spending at his companies don’t bode well for the government should he take on such a role. After acquiring Twitter, Musk laid off roughly 75 percent of its staff—a decision that infuriated investors and ended up tanking the social media behemoth’s value by 90 percent, in Musk’s own words.