Truth Social reports $58 million loss: share price in freefall

Reality is catching up with Donald Trump's Truth Social. The company that owns it has delivered its first full-year financial results and they're about as wonderful as a Lara Trump song.

As reported by Forbes' Derek Saul, Trump Media's stock (DJT, because of course it is) nosedived 25% after revealing paltry revenues of $4.1 million and a net loss of $58.2 million for 2023. The company's fourth-quarter sales were a measly $750,000, which is probably less than what Trump spends on bronzer in a month.

Despite these dismal numbers, Trump Media still boasts a ridiculous $6 billion market cap, giving it a price-to-sales ratio of 1,470. To put that into perspective, Reddit and Snap have ratios of 9 and 4, respectively. You could argue that Trump Media is a new enterprise with "theoretical potential," but as Forbes points it, is more closely resembles a meme stock. Its meteoric rise is reminiscent of the AMC and GameStop fiascos of 2021, driven more by hype and FOMO than any genuine belief in the company's prospects.

In totally unrelated by metaphorically resonant news, a stage at pro-Donald Trump rally tipped over in Georgia, and "the organizers blamed Democrats."