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.