Trump Media Lose $54.8M for Q3 Because of Wahala Dem for Crypto Investment
Trump Media & Technology Group (TMTG) report say dem lose $54.8 million for Q3, almost three times from last year level, as income drop 3.8% reach $972,900 and legal bills jump to $20.3 million. Trump Media shares dey drop over 3% for after-hours trade and don fall more than 62% since start of year, close at $12.90. During the quarter, Trump Media put $2 billion inside Bitcoin at average price about $118,000 per BTC, but their holdings lose value as Bitcoin fall to around $103,000. The company also launch $6.4 billion crypto project with Yorkville Acquisition and Crypto.com to gather Cronos tokens, following institutional BTC style, but their CRO holdings too get weak. No clear info dey about Truth Social users. Controversy dey about proposed US Crypto Strategic Reserve, President Trump pardon Binance’s CZ, and big stock awards for CEO Devin Nunes while cash dey burn quick, e raise questions about governance and insider trading. Traders suppose balance Trump Media’s heavy crypto risk and rising costs against market wahala and unsure long-term value.
Bearish
The big big loss, revenue drop, plus the money wey dem dey use for legal palava dem mean say Trump Media dey face financial wahala, as dem still dey spend big money to buy Bitcoin for $2 billion and Cronos for $6.4 billion during market wey dey go down show say dem dey exposed well well to how crypto price dey waka up and down. Traders fit see these results as sign say people fit sell more if TMTG begin sell their assets to pay their money wahala. Wahala for how dem dey manage the company, plus secret things wey dem no talk about Truth Social and insider gbege fit make investors lose confidence. For short time, the fear to sell fit make price drop more, and for long term, the doubt whether company fit hold plenty crypto still mean say the market fit still dey bearish.