Thread by @JuddLegum

1. Trump's "media company" is currently valued at $2 BILLION.

It has no product, no customers, and no revenue.

But it's much worse than that.

Follow along if interested.

2. The most detailed information we have about Trump's media company is from an investor presentation filed with the SEC.

I want to draw your attention to Page 22 of the presentation which is an overview of the "Infrastructure" of the company.

Pretty important!

3. I guess Trump did not expect anyone to actually READ this particular page

Because if you do, it makes absolutely no sense.

This is a social media and streaming company.

This page defines a "user" as "A sales representative who visits customers"

Huh?

4. Well if you look up all of this language, you can see that the definition of a "user" is just cut-and-pasted from open-source descriptions of enterprise software.

The description of a "User" comes from this page — a open-source framework for enterprise software

5. The entire page describing the "infrastructure" of Trump's media company is cut-and-pasted from other sites

In other words, not only does this company not have any technical infrastructure it could not be bothered to even write its own slide of what the infrastructure will be

6. Yet, this is a company purportedly worth $2 BILLION.

An unknown investor or investors have kicked in $1 BILLION.

But there is little evidence it really exists.

More on the mirage of Trump Media & Technology Group:

popular.info/p/trumps-new-m…

7. I'll be tracking this company closely.

For updates and more accountability journalism, check out my newsletter, Popular Information.

Unlike Trump's investor presentation, it's original work!

And it's free to sign up --> popular.info/subscribe

8. UPDATE: The market cap Google shows is actually just the value of the SPAC. But the SPAC doesn't reflect all the shares.

Approx. value of Trump's media company right now EXCEEDS $11 BILLION at Friday's price

https://twitter.com/quantian1/status/1469768495617523726?s=21