00:00 Speaker A
We've long heard reports of the billions of dollars that Trump has been making in crypto with his family. Well, it's been going a little, uh, less great of late. Here's the headline. Trump Media posts $238 million second quarter loss as crypto declines.
00:15 Speaker A
It turns out when you put a whole bunch of crypto on your balance sheet, Bitcoin in this case, CRO, which they bought like 100 million dollars worth. Uh, it's not great for your earnings when it goes down.
00:27 Speaker A
Right? So what we saw here largely is not much to do with the fundamental business of Trump media, which is true thing over on Truth social, whatever that is. Apparently that's a real social media platform.
00:36 Speaker A
Uh and more to do with the assets that they're holding on their balance sheet. But Trump Media reported a quarterly net loss of approximately $238 million on only $1.7 million of revenue.
00:52 Speaker A
means they're like they their expense is like $140 for every dollar that they made.
01:00 Speaker A
Good business.
01:03 Speaker A
Good business. But loss like I said, much of this loss if we're being honest came from non-cash declines in the value of its digital assets and investments. But the the the other story tied to this that I was going to tell you yesterday but I ran out of time. Trump media pulls back from crypto, scraps crypto.com CRO token Treasury deal. So listen,
01:24 Speaker A
Treasury companies are lame.
01:27 Speaker A
I think we all know that at this point. Uh, some people, I'm not naming names or pointing fingers, what has two thumbs and uh said from the very beginning that crypto treasury companies were a bad idea.
01:36 Speaker A
This guy.
01:38 Speaker A
There's the two thumbs, right?
