Parent company of Trump’s Truth Social reports $400M loss
www.ctvnews.ca
The parent company of Truth Social, U.S. President Donald Trump’s social media platform, reported a net loss on Friday of more than US$400 million in the first quarter -- mostly from tumbling cryptocurrency valuations.
  • wheezy@lemmy.mlEnglish
    9·
    7 hours ago

    This is very typical for institutions that are purely funded and operated to engage in right wing propaganda. This doesn’t actually mean anything.

    It’s essentially rich people funneling money to either get direct “favors” or just to spread the narratives that benefit them. Losses are a massive benefit to a company who’s goal is not profit for the company on their books.

    Funnel $10 million from company X into company Y. Company Y literally has the power of the American president behind it. Get the ear of American president for policy or propaganda to benefit company X. Company X profits $100 million from that policy or campaign. Company Y spends all of the investment from Company X on Company Z (also owned by the president or Company X).

    But, damn, company Y is just not making any “profits”. Time to write all this off as a loss in Taxes. Repeat until company Y is no longer a strong enough mouth piece and just declare bankruptcy without anyone but the workers of company Y getting hurt financially.

    This isn’t a reflection of anything but of how capitalism functions and is served by our neoliberal government. Losses and bankruptcy are FEATURES that benefit capitalist. Why do you think Trump has so many bankruptcies? I’m sorry, but, this isn’t a reflection of incompetence or stupidity. It’s literally how capitalism functions and it’s not at all unique to Trump.

  • NateNate60@lemmy.world
    5·
    8 hours ago

    Company run by right-wing billionaire: We lost all our money, sales are down 600%, and our CEO got arrested for sexting a 13-year-old girl

    Stock: Up 1.2%