• Shares in Trump Media & Technology Group, former Pres. Donald Trump’s social media company that began trading last week under the ticker “DJT,” Monday slumped by more than 20% after the company’s Securities and Exchange Commission (SEC) filing worried some investors. New York Times (LR: 2 CP: 5)
• The filing showed Trump Media made $4.1M in revenue for 2023 with a net loss of $58.2M. Fourth-quarter sales totaled $750K. Forbes (LR: 3 CP: 5)
• Shares in Trump Media, which surpassed $79 after the stock went public last week, closed at $48.66 Monday, less than its initial offering price of $49.95. Associated Press (LR: 3 CP: 5)
• Trump, the presumptive Republican nominee for the 2024 presidential election, owns 57.3% of Trump Media shares, which are now valued at $3.83B — approximately $2.5B less than they were worth last week. CNBC (LR: 3 CP: 5)
• The filing also shows the six-month lock-up on Trump’s shares is still in effect, so as of right now he can’t sell his stake. FOX News
• Truth Social, the social media platform that falls under the Trump Media umbrella, started in February 2022 and says it has 8.9M users. Trump Media is currently valued at $6.3B. FOX News

Anti-Trump narrative:

• The suspected disconnect between Trump Media’s performance and the inflated stock price has now been confirmed. It turns out “anti-wokeness” doesn’t sell the way Trump and his allies had hoped. This could spell catastrophe for investors while also not providing Trump the financial windfall he hoped for.
  BUSINESS INSIDER (LR: 3 CP: 4)

Pro-Trump narrative:

• No one is denying this is a meme stock, which is attracting as many investors who want to show their support for Trump as it’s attracting investors who believe in the company. A little volatility was to be expected. The only thing that may doom Trump Media is a second term for Pres. Joe Biden, but Trump seems on pace to prevent that from happening.
  DAILY CALLER (LR: 5 CP: 4)

Nerd narrative:

• There’s a 50% chance that Donald Trump will be convicted of a felony before the 2024 presidential election, according to the Metaculus prediction community.
  METACULUS (LR: 3 CP: 3)