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Trump’s Truth Social loses $4 billion in value in one week, while revealing wider loss

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Former President Donald Trump’s fledgling media business is losing its sheen among investors a week after going public, with a sharp reversal in the company’s stock price lopping $4 billion off its value.

The plunge in Trump Media & Technology Group’s shares, which debuted on the Nasdaq Composite Index on March 25 under the ticker “DJT” (after the former president’s initials), comes as it disclosed mounting losses in a regulatory filing. The company also noted that its accountant had issued a warning that its losses “raise substantial doubt about its ability to continue as a going concern.”

Shares of Trump Media & Technology Group, whose primary asset is the Truth Social platform, tumbled $14.50, or 23%, to $47.46 in Monday afternoon trading. That’s below its opening price last Monday of $49.90 per share, and represents a 40% plunge from the stock’s high of $79.38 on March 26. 

To be sure, Trump Media continues to maintain a heady market capitalization for a business that’s in the red and that booked just $4.1 million in revenue last year. Even after Monday’s stock plunge, the business is worth $6.7 billion, making it more valuable than companies like Bausch & Lomb, Alcoa Corp. or Harley-Davidson, all of which have annual revenue in the billions. 

Trump Media’s soaring valuation has prompted comparisons with so-called “meme” stocks like GameStop, which typically attract individual investors based on social media buzz, rather than the tried-and-true yardsticks relied on by institutional investors, such as profitability and revenue growth. 

Yet Truth Social has positioned itself as an alternative to more established tech giants such as Meta’s Facebook, which also endured losses in its early years. 

“GameStop was the meme stock of a lifetime, but Trump Media has put it to shame,” Michael Pachter, an analyst at Wedbush Securities, told the Associated Press last week. 

Trump Media & Technology Group on Monday disclosed more details about its finances. The company booked $4.1 million in revenue last year, compared with $1.5 million in the year-earlier period. It also posted a loss of $58 million in 2023, compared with a profit of $50 million in the prior year. 

Additionally, it noted that its accountant flagged that the company’s losses raise doubts about its ability to continue operating. Such a warning, however, reflects the company’s current situation; the company could grow its user base, revenue and reverse its losses, putting it on a more stable path. 



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LaMonica McIver wins special House election in New Jersey for late Donald Payne Jr.’s seat

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LaMonica McIver wins special House Democratic primary in N.J.


LaMonica McIver wins special House Democratic primary in N.J.

00:32

TRENTON, N.J. Democratic Newark City Council President LaMonica McIver has defeated Republican small businessman Carmen Bucco in a contest in New Jersey’s 10th Congressional District that opened up because of the death of Rep. Donald Payne Jr. in April.

McIver will serve out the remainder of Payne’s term, which ends in January. She and Bucco will face a rematch on the November ballot for the full term.

McIver said in a statement Wednesday that she stands on the “shoulders of giants,” naming Payne as chief among them.

She cast ahead to the November election, saying the right to make reproductive health choices was on the ballot as well as whether the economy should benefit the wealthy or “hard working Americans.”

“I will fight because the purpose of politics and the purpose of our vote is to give the people of our communities and our nation a bold voice,” she said.

Bucco congratulated McIver on the victory in a statement but said he’s looking forward to the rematch in November.

“I am not going anywhere,” he said in an email. “We still have a second chance to make district 10 great again!”

Who are LaMonica McIver and Carmen Bucco?

McIver emerged as the Democratic candidate in a crowded field in the July special election. A member of the city council of New Jersey’s biggest city since 2018, she also worked for Montclair Public Schools as a personnel director and plans to focus on affordability, infrastructure, abortion rights and “protecting our democracy,” she told The Associated Press earlier this summer.

Bucco describes himself on his campaign website as a small-business owner influenced by his upbringing in the foster system. He lists support for law enforcement and ending corruption as top issues.

The 10th District lies in a heavily Democratic and majority-Black region of northern New Jersey. Republicans are outnumbered by more than 6 to 1.

It’s been a volatile year for Democrats in New Jersey, where the party dominates state government and the congressional delegation.

Among the developments were the conviction on federal bribery charges of U.S. Sen. Bob Menendez, who has denied the charges, and the demise of the so-called county party line — a system in which local political leaders give their preferred candidates favorable position on the primary ballot.

Democratic Rep. Andy Kim, who’s running for Menendez’s seat, and other Democrats brought a federal lawsuit challenging the practice as part of his campaign to oust Menendez, who has resigned since his conviction.



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Body found near Kentucky shooting site believed to be suspect, officials say

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Body found near Kentucky shooting site believed to be suspect, officials say – CBS News


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In a news conference Thursday night, Kentucky police said they believe a body found near the site of the Interstate 75 shooting on Sept. 7, 2024, is that of suspect Joseph Couch. Officials said articles on the body indicated it was likely Couch, but that crews were still processing the scene and wouldn’t have final identification until later. CBS News’ Carissa Lawson anchors a special report.

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Sean “Diddy” Combs at same Brooklyn detention center that held R. Kelly, Sam Bankman-Fried, other high-profile inmates

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A second judge refused to grant bail to Sean “Diddy” Combs on Wednesday and he could remain in federal custody at a Brooklyn detention center until his trial for sex trafficking charges. Combs joins other high-profile inmates, such as singer R. Kelly, fallen cryptocurrency mogul Sam Bankman-Fried, rapper Ja Rule —even Al Sharpton served a brief stint— who were held at the same federal detention center.

Notorious for its horrible conditions —inmates won a $10 million class action settlement after enduring frigid conditions during an 8-day blackout in 2019— the waterfront industrial complex, MDC Brooklyn, houses 1,200 inmates. 

US-BRITAIN-CRIME-JUSTICE-EPSTEIN-MAXWELL
The Metropolitan Detention Center in Brooklyn is a federal administrative detention facility. 

JOHANNES EISELE/AFP via Getty Images


Violence and corruption have long plagued the facility; U.S. District Judge Gary R. Brown of the Eastern District of New York wrote the detention center had  “dangerous, barbaric conditions” in a recent sentencing opinion. Two inmates were stabbed to death in recent months and several correction officers have been convicted for smuggling contraband and accepting bribes.

Combs joins a list of high-profile personalities that have landed at the MDC Brooklyn, partly because the city’s other federal detention center, MDC New York, closed in 2021, also due to horrible conditions. The disgraced financier Jeffrey Epstein died by suicide in his cell there in 2019. “Numerous and serious” instances of misconduct among corrections staff gave Epstein the opportunity to kill himself, a subsequent federal watchdog investigation found.

Kelly sued the federal detention center in 2022 for wrongly putting him on suicide watch after his sentencing. Kelly sought $100 million because he said the detention center knew he wasn’t suicidal after he was convicted in 2021 for racketeering and violating the Mann Act, which bars transporting people across state lines for prostitution.

FTX Founder Sam Bankman-Fried Attends Court
Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, leaving court in New York on July 26, 2023. 

Yuki Iwamura/Bloomberg via Getty Images


Former crypto billionaire Bankman-Fried survived on bread, water and sometimes peanut butter when he was in the MDC Brooklyn, his attorney said, because the detention center continued to serve him a “flesh diet” despite requests for vegan dishes.

Ja Rule stayed at the MDC Brooklyn for a brief time before being released after serving most of his two-year sentence for illegal gun possession. Most of his prison time was spent in a state prison in New York. 

Sharpton served a 90-day sentence in 2001 and went on a hunger strike for protesting the U.S. Navy bombing of the island of Vieques, in Puerto Rico.

Combs was taken into custody on Monday and according to an indictment unsealed Tuesday he was charged with sex trafficking, racketeering conspiracy and transportation to engage in prostitution. 

His attorney Marc Agnifilo told CBS News, “It’s impossible to prepare for a trial from where he is,” after a first federal judge denied Combs bail on Tuesday.

U.S. Magistrate Judge Robyn Tarnofsky agreed with prosecutors who argued the hip-hop mogul, who is accused of using his business empire as a criminal enterprise to conceal his alleged abuse of women, is a flight risk and poses an ongoing threat to the safety of the community. 

Agnifilo said the part of the detention center where Combs is being held is “a very difficult place to be.” 

contributed to this report.



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