Election 2024: $100.7 Million

That’s the calendar year 2023 net after-tax loss reported yesterday by TMTG, on an unaudited pro forma basis, as if the pre-merger TMTG and DWAC had been combined for the entire year. $100.7 million of after-tax losses, on $4.0 million of revenue. (Much of the reporting on this has focused on a different number, $58.2 million of after tax losses; that number reflects TMTG on a standalone basis, without DWAC and without intercompany eliminations.)

The market did not take kindly to this news, as DJT stock went down from $62 to $48 during the day, bringing its market cap down to $6.5 billion and costing Trump himself $1 billion of paper wealth in a day. The stock price is now considerably off its post-merger peak of $75.

In other Trump financial news, yesterday he did manage to post a $175 million bond as he appeals the $454 million judgment in New York v. Trump et al. The bond was written by an insurer with which I am unfamiliar, Knight Specialty Insurance Company; it is a private company owned by 80-year-old billionaire Don Hankey, who started by inheriting his father’s car dealership and made his fortune primarily from subprime car loans.

Things are relatively quiet on other fronts, with Congress out on break after avoiding a government shutdown, two hours after the midnight deadline. Judicially, the New York v. Trump trial starts in 13 days, and the SCOTUS hearing in Trump v. U.S. is in 22 days. After Trump recently attacked Judge Merchan’s daughter on social media, yesterday the judge extended the scope of an existing gag order relating to the upcoming trial to cover family members of the court and district attorney, but leaving Trump free to criticize Merchan and Bragg themselves.

There are other stories that have wafted in and out of the news, such as Ronna McDaniel’s very brief tenure as a paid NBC contributor before a mutiny by the network’s news talent led to her termination, and Trump’s decision to start hawking $60 “God Bless the USA” bibles during Holy Week.

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