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.
TMTG is also active in financial services, and the company announced US$2.5 billion in funding a year ago to invest in cryptocurrencies, one of Trump’s recent passions.
According to its filing, TMTG generated US$900,000 in revenue during the first quarter, a paltry amount for a company valued at US$2.47 billion on the stock market.
And suspiciously interesting,
TMTG said in December that it is merging with the American company TAE, which is developing nuclear fusion technology.
The part about TAE is devastating, as a lot of people had high hopes they would come up with a fusion reactor. Them being sold to TMTG probably means it was BS all along.
And suspiciously interesting,
The part about TAE is devastating, as a lot of people had high hopes they would come up with a fusion reactor. Them being sold to TMTG probably means it was BS all along.
Promising a technology that has yet to be proven at any useful scale in even the most sophisticated labs is a big red flag in my book.
Absolutely. But the founders are heavyweights in the field and I had hope. I guess it’s cold fusion two, too good to be true 😭
There is very likely some sort of energy grant that they are going to get to ‘research’