New: "Trump Media Warns Of ‘Material Weakness’ In Financial Controls" 🔎 📊 In its latest SEC filing, Truth Social's parent company acknowledged internal control flaws that could lead to “material misstatements” on its financial disclosures. 1/ me, for @forbes.com - ThreadSky

zacheverson.com • 2 days ago

New: "Trump Media Warns Of ‘Material Weakness’ In Financial Controls"

🔎 📊 In its latest SEC filing, Truth Social's parent company acknowledged internal control flaws that could lead to “material misstatements” on its financial disclosures.

1/

me, for @forbes.com

Comments

yourcanadiangf.bsky.social•20 hours ago

Why exactly does a business that makes less money than a single McDonald's Franchise allowed to be traded in the public market?

bobbypissbag.bsky.social•2 days ago

Material misstatements plus significant already reported losses every Q is not ideal.

crunk1977.bsky.social•2 days ago

So the already crappy financial statements were the best they thought they could cook up without being full on fraud?

hallcmh.bsky.social•1 day ago

Why not. He has bankrupted every business….even a casino. Material misstatements means, ah, fraudulent information.

centristsisyphus.bsky.social•2 days ago

NO WAY! Fraud and mismanagement — at a TRUMP company???

stevenelizabeth.bsky.social•1 day ago

Who'd ever guess?

policyg.bsky.social•2 days ago

It's utterly dispiriting at this point to read about someone that absolutely flouts the law and suffers no consequences. And we all need to stop kidding ourselves, he never will.

katym31.bsky.social•2 hours ago

barbpoipu.bsky.social•2 days ago

Words no CFO ever wants to write 😱😱😱😱

itgetzbybuckner.bsky.social•2 days ago

so they are going to lie and they are telling us up front.
sound company.

deevhutch.bsky.social•1 day ago

This sounds like doublespeak for:

"We lied in previous statements"

robitmc.bsky.social•1 day ago

Similar statement crashed Big Bear

elisa515.bsky.social•2 days ago

For you non-accountants: this is seriously bad.

ljp713.bsky.social•1 day ago

Thank you!

freckleface.bsky.social•2 days ago

And, for anyone with two brain cells, it's blatantly obvious.

elisa515.bsky.social•2 days ago

“Material weaknesses” has a very specific meaning for legal and credit purposes; it’s not just an elegant turn of phrase.

bigx.bsky.social•1 day ago

His trousers are about to rip.

freckleface.bsky.social•1 day ago

Yes. Thank you. I managed my company's Sarbanes-Oxley audits for multiple years, and seeing how everything Trump and Musk is being handled is anathema to any set of controls.

kozy17.bsky.social•2 days ago

‘You got a nice SEC there, it would be a shame if something happened to it…’

Seriously though, how did nunes get picked to personally profit from this cash…. cow? $47,000,000 in comp if he can run herd over it for 2 more years is udderly crazy.

@devincow.bsky.social

cannonball-titcomb.bsky.social•2 days ago

Material misstatements is embossed on the Trump family crest.

ktkelly.bsky.social•1 day ago

#trumpcrimefamily

stevenkbaird.bsky.social•2 days ago

… as the actual story of that purloined and altered crest proves!

cannonball-titcomb.bsky.social•2 days ago

Stolen from Finland

stevenkbaird.bsky.social•2 days ago

https://www.telegraph.co.uk/news/2017/05/30/donald-trumps-family-crest-taken-original-mar-a-lago-owners/

stevenkbaird.bsky.social•2 days ago

https://www.telegraph.co.uk/news/2017/05/30/donald-trumps-family-crest-taken-original-mar-a-lago-owners/

jetblackbox.bsky.social•1 day ago

Drumpf -- even his name and family crest are bogus

tonyc007.bsky.social•2 days ago

I thought “material misstatements” was the whole business model of Truth Social?

kathy-58.bsky.social•2 days ago

Which means it’s all BS kinda like his previous conviction

bluebirdofunhap.bsky.social•1 day ago

“Material misstatements” is a fun, new name for fraud.

jayhibou.bsky.social•2 days ago

Can you even imagine their board and CEO reading an audit report - any hint at real governance is laughable

baardr.bsky.social•1 day ago

blah blah. The story is corruption, incompetence and privilege.

webrant.bsky.social•2 days ago

FUN FACT: "Trump Media paid CEO Devin Nunes $47,640,469 last year, when its revenue was $3,618,800."

https://bsky.app/profile/zacheverson.com/post/3lot6nhbcxs24

paulbijhouwer.bsky.social•1 day ago

“Truth Social admits that it might by lying.” Did I get that right? Big of them to admit it, lol.

lupusblackfur.bsky.social•2 days ago

"internal control flaws"...

Guess that's the legal-speak for "we've no fucking idea what we're doing but it's likely illegal".

🤦‍♂️🤷‍♂️🫏🤡🖕

jkmcdonald.bsky.social•2 days ago

It’s accountant speak for “they have no idea what they’re doing and these financials could be total bullshit”.

katym31.bsky.social•2 hours ago

Isn’t this similar to how Putin reorganized RU then built himself a huge palace on a cliff etc…Gazprom, Yukos…1990 onward…

donna-white.bsky.social•2 days ago

How did it get permission for an IPO without sufficient internal controls? Have the controls degraded?

pennyolo.bsky.social•1 day ago

It didn’t IPO. It went public by merging with a SPAC (Special Purpose Acquisition Company). Much less scrutiny.

donna-white.bsky.social•2 days ago

Wasn't that also noted in last year's financials as well?
I thought it was a going concern risk too.

magmacanteenboy.bsky.social•1 day ago

Kinda shocking that a sham company with no real source of income and is only propped up by sale of shares would falsify its records. It is unsustainable and will be bankrupt by '28 or be bought out by Twitter (formerly know as "X") in a corrupt transaction.

mitchellepner.bsky.social•2 days ago

“Any time a company discloses a material weakness in terms of accounting, investors should absolutely pay attention,” said Michelle Leder, editor of footnoted, a site that analyzes what companies try to bury in SEC filings. Leder . . . added: “It’s often a precursor to an earnings restatement.”

timplex.bsky.social•2 days ago

Expanding Trump theory of politics to business: if they know your lying it’s not lying.

airlineannie.bsky.social•2 days ago

Such a successful business man. 🥸🥸🥸

zacheverson.com•2 days ago

Here's the passage—

TL; dr?

🤭 At the end of Q1, TMTG evaluated its disclosure controls & concluded they were not effective.

🤭 At issue: "material weaknesses" related to policies to analyze income recordation & the need for personnel with SEC reporting experience.

2/

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036125018209/ef20047598_10q.htm

susanboston.bsky.social•18 hours ago

Well duh. When you hire a regional accounting firm from the Southwest that has had, maybe, 5 public company clients…you don’t get SEC reporting expertise.

zacheverson.com•2 days ago

As a result, Trump Media warned “there is a reasonable possibility” that “material misstatements” may have appeared in its financial filings.

3/

duannied.bsky.social•2 hours ago

Sorry, not sorry.

zacheverson.com•2 days ago

“Any time a company discloses a material weakness in terms of accounting, investors should absolutely pay attention,” said Michelle Leder, editor of @footnoted.bsky.social.

Leder, who flagged the Trump Media disclosure to Forbes, added: “It’s often a precursor to an earnings restatement.”

4/

chadman70.bsky.social•2 days ago

sounds like fraud, waste and abuse to me

zacheverson.com•2 days ago

Trump Media says it hired more accounting staff, brought in consultants and begun formalizing its processes, but acknowledges it has more work to do.

While not related to TMTG, Trump and the Trump Org. have a combined 51 felony convictions related to their record keeping.

5/

missatlanticcity.bsky.social•20 hours ago

Not a good sign 🧌

zacheverson.com•2 days ago

Trump Media CEO Devin Nunes, BTW, earned $47 million in total compensation in 2024.

6/

pauliesambrini.bsky.social•20 hours ago

You gotta believe that info Nunez covered up from the Russian investigation was primo

buckleup36.bsky.social•1 day ago

Gee, Devin could have peeled off a couple hundred thousand of this compensation to hire some competent accountants.

happyrumrunner.bsky.social•20 hours ago

grifters, all of them

asktheteacher.bsky.social•18 hours ago

Remember when this dude ran outside in the dark at the White House then sued a cow on Twitter? He sure got rich off that grift.

https://www.theguardian.com/us-news/2017/mar/26/trump-russia-investigation-house-intelligence-devin-nunes

zacheverson.com•2 days ago

Bunch more in the article, which is free to read (no paywall). So please check it out and share.

For example —

💥 Just 6 weeks ago, Nunes told the SEC Trump Media’s internal controls “provide reasonable assurance” of accurate financial reporting.💥

7/

sobrietyshared.bsky.social•2 hours ago

Hmmm…gotta pay to run such a debacle as this.

iamkanyetwitty.bsky.social•17 hours ago

No doubt he invested all $47MM in his Iowa cattle farm

rgh1205.bsky.social•20 hours ago

Funny how that works. Devin was due a big pay-out for his loyalty so the duped MAGA donors paid him.

iustitia100.bsky.social•1 day ago

motown.bsky.social•1 day ago

DEPROT NUNEZ

alexis8.bsky.social•1 day ago

Imagine that loser, now a millionaire.

eeesibleee.bsky.social•1 day ago

“earned”

rosebanditquinn.bsky.social•20 hours ago

Makes you wonder what else the Rapist expects from Nunes.

damntam.bsky.social•1 day ago

What the shit? So they have to tell people the financial health of the company so people can decide whether to bet on it, but then they can just change the info people relied on…is there no penalty for basically lying, in public, and in writing?

seitzbg.salty.house•20 hours ago

Easy, trump media doesn’t earn a damn thing, it’s a scam.

iputadollarin.bsky.social•20 hours ago

fstuart.bsky.social•2 days ago

It’s a feature, not a bug

billwsmithjr.bsky.social•17 minutes ago

Oops! Our bad... no harm, no foul.

trmcloughlin.bsky.social•1 day ago

Holy crap. A MW because your people suck is damning…

cyncash.bsky.social•20 hours ago

Well, well, well…

notkaspeck.bsky.social•2 days ago

“We’re unaccountable.”

snoozingholly.bsky.social•1 day ago

The only surprise here is that Trump Media actually bothered to make an SEC filing at all. Surely such pettifogging rules are for little people and not a titan of finance like Trump who bestrides the world's economy...

damntam.bsky.social•1 day ago

Fuck this guy bc of course he’s lying about that too

canopyguy.bsky.social•2 days ago

President Inc.

soaked2thebone.bsky.social•1 day ago

And he's going after Latitia James 🤔

thiafin.bsky.social•2 days ago

Sounds about right for an orange felon company.

robsterlobster1.bsky.social•2 days ago

In other words, hi. I’m a Trump company and I exist to scam People out of their money

rondubin.bsky.social•2 days ago

Shocking.

bd-nola.bsky.social•2 days ago

Revenue of just over $800,000 for the QUARTER and $31mm in losses? This is the guy we entrust with our economy? We are such a stupid, stupid country.

seytom.bsky.social•2 days ago

Where is the money coming from to fund these losses?

Who's taking out millions from this company while it returns nothing?

wiartonwilly.bsky.social•1 day ago

People who want favours.

Same as Trump’s meme coin. Not a real investment. Just payola.

katym31.bsky.social•2 hours ago

You and under the table. His rackets are out in the open. The tariff scam, stock market scam, prescription scam, Medicaid+ scam, voting rights scam, women’s healthcare/abortion scam… he’s laundering money across the board right in American’s faces and they’re frozen in place doing nothing.

beachandnos.bsky.social•2 hours ago

Money is coming from the morons who invested in the company. There investment value can go up on hype alone, noting to do with profitability.

penguins18.bsky.social•1 day ago

The CEO “made” $47m last year. One of the quieter but most successful Trump adjacent grifters.

seytom.bsky.social•1 day ago

Personally I prefer to invest in companies where the CEO's income is not a multiple of gross revenue, but I'm old-fashioned that way.

cherylann.bsky.social•1 day ago

That got cha a follow! AGREE!

roamstherange.bsky.social•2 days ago

Shocked. 😐

andyc300.bsky.social•2 days ago

Is that the please don't sue me clause?

wiselineprt.bsky.social•2 days ago

I wonder if that blank check investor wants to know where its money went, whose pockets (as if we didn't know).

dbrobbins.bsky.social•1 day ago

Go figure.

arpoke.bsky.social•1 day ago

Absolutely shocking.

coastalgypsy.bsky.social•2 days ago

Surprise! Not

codykinski.bsky.social•2 days ago

Do you mind if I suggest this might be good for the gander?:

LOCK HIM UP!
LOCK HIM UP!
LOCK HIM UP!
LOCK HIM UP!
LOCK HIM UP!
LOCK HIM UP!

madashell18341.bsky.social•1 day ago

SOP for Trump companies

ann-adtech.bsky.social•1 day ago

Is this supposed to be okay??? 😡

singchoirsing.bsky.social•2 days ago

Just more blatant deceit and criminality.

singchoirsing.bsky.social•2 days ago

They’ve been caught red-handed. This is a lame attempt to whitewash it.
This is serious shit

evodevo1.bsky.social•1 day ago

Ima not holding my breath waiting for his SEC to file any charges LOL

clemesq.bsky.social•1 day ago

WTF?????

deponty.bsky.social•1 day ago

Absolutely shocking to absolutely no one.

gregj1.bsky.social•2 days ago

The “we may not be telling the truth” clause

stevenelizabeth.bsky.social•1 day ago

"We are absolutely lying " clause.

xomspx.bsky.social•23 hours ago

Trump Media & Technology Group is planning to pursue potential mergers and acquisitions, U.S. President Donald Trump's social media firm said on Friday, as it looks to diversify into sectors such as financial services.
The company continues to "hunt for top quality assets,"

CEO Devin Nunes

xomspx.bsky.social•23 hours ago

https://www.reuters.com/business/trump-media-seeking-ma-activity-diversification-bid-2025-05-09/

kenkiyama.bsky.social•2 days ago

"Material weakness"?
I'm surprised they have any at all.

billglaz.bsky.social•2 days ago

Time for shareholder lawsuits

farleyh.bsky.social•2 days ago

$820,000 in quarterly revenue, or ~$3.5 million annualized?? That’s no better than a moderately busy Foot Locker store at the mall

lucchat.bsky.social•2 days ago

But it’s ok before there are never any consequences.

kimberleelynn.bsky.social•2 days ago

Wow, admitting to lying up front is new for them.

sykondar.bsky.social•2 days ago

Shocker lol

lurkymclurk.bsky.social•2 days ago

In all seriousness their income is a wet fart, who cares if it’s 3 mil or 1.5mil (I mean, the sec in theory … but still)

robfromchicago.com•2 days ago

If you ever expected a Trump venture to be anything but an expensive con job, you deserve whatever happened to your investment.

alexbrandenburg.bsky.social•2 days ago

Well, what happened was your investment was actually a bribe.

robfromchicago.com•2 days ago

🤔

evodevo1.bsky.social•1 day ago

Naahhh...ya don't say! I can't imagine...

cdmilton.bsky.social•1 day ago

In other words: Buyer beware!

wizzyprobs.bsky.social•2 days ago

"We're lying in our financials"

chuckmcmanis.bsky.social•2 days ago

This is my shocked face.

alherix.bsky.social•2 days ago

Par for the course in any Trump company

bselena.bsky.social•1 day ago

🤣 internal controls?? Trump says it all mine we don’t need any stinking controls…

meadowbrook7953.bsky.social•3 hours ago

Shocking! Trump is always meticulous in his accounting practices. 😂

bplumm01.bsky.social•2 days ago

well obviously

lilydeb.bsky.social•2 days ago

Trump doesn't have any internal controls either.

wsvguy.bsky.social•20 hours ago

Translation: there’s rampant corruption here at Truth Social, so we’re floating some nonsense early

robotblue.bsky.social•1 day ago

They must have learn from Tesla. Steal the money then present fake books

mgocoder.bsky.social•2 days ago

Translation: They have committed massive financial fraud, just like every business Trump has ever had.

beefreeferlives.bsky.social•2 days ago

human4progress.bsky.social•1 day ago

it might seem like fraud...

bbmjcandy.bsky.social•2 days ago

No kidding!

trmcloughlin.bsky.social•1 day ago

“Infirmitas Materialis in Moderatione Pecuniaria” is the company’s motto

mmorgenschoen.bsky.social•1 day ago

I’m totally shocked. how can this happen to a dutiful, honest businessman with meticulous bookkeeping habits.

countrylawer.bsky.social•2 days ago

If footage were to emerge purporting to show that Elvis Presley is, in fact, alive & well, one might—just might—call that a surprise. Trump’s financial records, on the other hand, are about as surprising as rain in London: inevitable, predictable, and entirely devoid of mystery.

from-garbage-isle.bsky.social•2 days ago

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