For all those MAGA people who put their money where their mouths are......April Fool.
April 1, 2024
Trump Media auditor warns that losses 'raise substantial doubt' about company's ability to continue
An auditor has raised doubts about the ability of Donald Trump's publicly traded company to stay in business, according to a new regulatory filing.
Trump Media and Technology Group, which operates the Truth Social platform, reported it lost $58.2 million in 2023 while generating total revenues of $4.1 million, according to the Monday filing with the Securities and Exchange Commission. Trump Media listed its largest expense for the year as interest payments totaling more than $39 million.
The filing includes a note from an independent accounting firm, Colorado-based BF Borgers CPA PC, warning that Trump Media's "operating losses raise substantial doubt about its ability to continue as a going concern." The firm has worked with Trump Media since 2022.
The note is dated March 25, the day before Trump's company started trading on the Nasdaq stock exchange under the symbol DJT, surging at first and earning comparisons to so-called meme stocks.
Shares of the company fell more than 21% to $48.66 on Monday. Its market value stood at more than $6.5 billion.
A spokesperson for Trump Media did not immediately respond to a request for comment.
The Truth Social parent, which trades under the stock ticker DJT, said it lost more than $58 million last year.
www.nbcnews.com
Donald Trump has failed at everything but grifting.
But he's very, very good at that.
Speaking of their auditor, BF Borger:
Ben F Borgers used 14 variations of his name in regulatory filings, including ones like Blake F Borgers and Ben F orgers.
www.businessinsider.com
Ben F Borgers, the founder and managing partner of the accounting firm BF Borgers, spelled his name in 14 different ways in regulatory filings, the Financial Times reported, citing data it had reviewed from the Public Company Accounting Oversight Board.
Some variations, like Ben F Brogers and Ben F orgers, appeared to be minor spelling mistakes. But others, like Blake F Borgers and Ben F Vonesh, were entirely different names.
These spelling snafus aren't the first time Borgers' work has been scrutinized.
The Public Company Accounting Oversight Board said it identified multiple deficiencies in every audit it had received from Borgers' accounting firm in the past two years,
Bloomberg reported on April 8.
BF Borgers, the organization said, was "so seriously deficient in its performance that education and remedial, corrective actions are not adequate."
Speculation on Reddit (or maybe it's not speculation, if they've read the reports) is that Mr Forger is farming out these audits to low-cost foreign firms, rubber-stamping the results, and pocketing the difference.
hmmm, there's no such word as sinches
