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Trump Media shares slide 12% to end second week of trading

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Donald Trump’s media business continued its rocky start as a public company, with shares in Trump Media & Technology Group closing at a new low since listing on the Nasdaq exchange late last month.

The stock — which trades under the ticker symbol “DJT,” the former president’s initials — on Friday fell $5.56, or 12%, to close at $40.59 — the company’s lowest level since its March 26 debut. For the week, Trump Media shares slid more than 32%. The company, which operates Trump’s Truth Social platform, has lost roughly $4 billion in market value over that stretch. 

Although Trump Media shares initially soared to a high of $79.38 on March 26, Wall Street analysts have questioned the company’s financial prospects, saying it is overvalued and comparing it to “meme” stocks like GameStop. 

“We are excited to be operating as a public company and to have secured access to capital markets,” a Trump Media spokesperson said in an email. 

“Closing out the 2023 financials related to the merger, Truth Social today has no debt and over $200 million in the bank, opening numerous possibilities for expanding and enhancing our platform,” the spokesperson said. “We intend to take full advantage of these opportunities to make Truth Social the quintessential free-speech platform for the American people.”

For 2023, Trump Media posted a loss of $58 million on revenue of $4.1 million. In a regulatory filing, the company also disclosed that its auditor had raised concerns about its ability to continue operating. That warning reflects the company’s current financial position, meaning it could grow and record profits in future quarters. 

Despite Trump Media’s challenges, its stock has soared since it traded under its previous name, Digital World Acquisition Corp., a shell company Trump Media merged with earlier this year. Trump Media CEO Devin Nunes this week expressed confidence in the company’s stability and growth potential, noting it “has no debt and over $200 million in the bank.”

Donald Trump owns 57% of Trump Media shares, valuing his stake at $3.3 billion. 



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Teamsters going on strike against Amazon at several locations nationwide

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The International Brotherhood of Teamsters says workers at seven Amazon facilities will begin a strike Thursday morning in an effort by the union to pressure the e-commerce giant for a labor agreement during a key shopping period.

The Teamsters say the workers, who authorized walkouts in the past few days, are joining the picket line after Amazon ignored a Dec. 15 deadline the union set for contract negotiations. Amazon says it doesn’t expect any impact on its operations during what the union calls the largest strike against the company in U.S. history.

The Teamsters say they represent nearly 10,000 workers at 10 Amazon facilities, a small portion of the 1.5 million people Amazon employs in its warehouses and corporate offices.

Amazon is ranked No. 2 on the Fortune 500 list of the nation’s largest companies.

At a warehouse in the New York City borough of Staten Island, thousands of workers who voted for the Amazon Labor Union in 2022 and have since affiliated with the Teamsters. At the other facilities, employees – including many delivery drivers – have unionized with them by demonstrating majority support but without holding government-administered elections.

The strikes happening Thursday are taking place at an Amazon warehouse in San Francisco and six delivery stations in southern California, New York City, Atlanta and the Chicago suburb of Skokie, Illinois, according to the union’s announcement. Amazon workers at the other facilities are “prepared to join” them, the union said.

“Amazon is pushing its workers closer to the picket line by failing to show them the respect they have earned,” Teamsters General President Sean M. O’Brien said in a statement.

“If your package is delayed during the holidays, you can blame Amazon’s insatiable greed. We gave Amazon a clear deadline to come to the table and do right by our members. They ignored it,” he said.

The Seattle-based online retailer has been seeking to re-do the election that led to the union victory at the warehouse on Staten Island, which the Teamsters now represent. In the process, the company has filed a lawsuit challenging the constitutionality of the National Labor Relations Board.

Meanwhile, Amazon says the delivery drivers, which the Teamsters have organized for more than a year, aren’t its employees. Under its business model, the drivers work for third-party businesses, called Delivery Service Partners, who drop off millions of packages to customers everyday.

“For more than a year now, the Teamsters have continued to intentionally mislead the public – claiming that they represent ‘thousands of Amazon employees and drivers’. They don’t, and this is another attempt to push a false narrative,” Amazon spokesperson Kelly Nantel said in a statement. “The truth is that the Teamsters have actively threatened, intimidated, and attempted to coerce Amazon employees and third-party drivers to join them, which is illegal and is the subject of multiple pending unfair labor practice charges against the union.

The Teamsters have argued Amazon essentially controls everything the drivers do and should be classified as an employer.

Some U.S. labor regulators have sided with the union in filings made before the NLRB. In September, Amazon boosted pay for the drivers amid the growing pressure. 



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Teamsters set to strike against Amazon at New York City warehouse

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Teamsters union launching strike against Amazon in NYC, across country


Teamsters union launching strike against Amazon in NYC, across country

02:12

NEW YORK — The Teamsters union is launching a strike against Amazon at numerous locations across the country, including in Maspeth, Queens.

The Teamsters are calling it the largest strike against Amazon in United States history, and it’s set to begin at 6 a.m. Thursday. In addition to New York City, workers will be joining picket lines in Atlanta, Southern California, San Francisco and Illinois.

In a video announcement released Wednesday night, workers voiced their frustrations.

“Us being strike ready means we’re fed up, and Amazon is clearly ignoring us and we want to be heard,” one worker says in the video.

“It’s really exciting. We’re taking steps for ourselves to win better conditions, better benefits, better wages,” another worker in the video says.

The union says it represents about 10,000 Amazon employees and that Amazon ignored a deadline to come to the table and negotiate. The $2 trillion company doesn’t pay employees enough to make ends meet, the union asserts.

At the height of the holiday season, many are wondering what this means for packages currently in transit.

Teamsters President Sean O’Brien said, “If your package is delayed during the holidays, you can blame Amazon’s insatiable greed.”

Amazon says Teamsters are misleading the public

An Amazon spokesperson says the Teamsters are misleading the public and do not represent any Amazon employees, despite any claims.

“The truth is that the Teamsters have actively threatened, intimidated, and attempted to coerce Amazon employees and third-party drivers to join them, which is illegal and is the subject of multiple pending unfair labor practice charges against the union,” the spokesperson said in a statement.

An Amazon representative says the company doesn’t expect operations to be impacted.



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