The parent company of Truth Social, U.S. President Donald Trump’s social media platform, reported a net loss on Friday of more than US$400 million in the first quarter -- mostly from tumbling cryptocurrency valuations.
Billionaires will still keep it afloat. They recognise the importance of media for mass indoctrination. Like with investing, they diversify. Even if one asset is not making money, there are profitable assets they could take money from to keep underperforming assets going because the latter has intangible value to the owner. Twatter isn’t even making money for Musk, but that doesn’t matter, it is its intangible value as propaganda which is important for him and other billionaires.
Billionaires will still keep it afloat. They recognise the importance of media for mass indoctrination. Like with investing, they diversify. Even if one asset is not making money, there are profitable assets they could take money from to keep underperforming assets going because the latter has intangible value to the owner. Twatter isn’t even making money for Musk, but that doesn’t matter, it is its intangible value as propaganda which is important for him and other billionaires.
Whatever’s happening here isn’t actual loss. It’s surely, 100% some kind of grift.