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An inexhaustible supply of marks

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Trump Media is a staggeringly unprofitable company with no conceivable prospect for becoming profitable:

Trump Media & Technology Group DJT -1.53%decrease; red down pointing triangle posted a steep loss and less than $1 million in revenue in the company’s first report since going public.

The Truth Social owner posted a first-quarter loss of $327.6 million in the three months ended March 31, compared with a loss of $210,300 a year earlier.

The vast majority of that quarterly loss came from a $311 million non-cash expense, which was connected to converting promissory notes and eliminating prior liabilities.

Trump Media generated $770,500 in revenue in the quarter, which was mostly from the company’s relatively new advertising business.

The company reported cash and cash equivalents of $273.7 million at the end of the quarter. Chief Executive Devin Nunes said the company’s working capital would allow for it to invest in initiatives to bolster the platform, including potential mergers and acquisitions.

Whew, since this is a public company the shares must be crashing, right? Well:

The thing is, he’s already done the “looting his public company for millions of dollars while the shareholders walk away with nothing” con before, and yet people are still lining up to buy his meme stock and take a bath. It’s immoral to let a sucker keep his or her money, I guess.

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