The MeidasTouch Podcast - Trump Stock Gets RUDE AWAKENING after Re-Audit

Episode Date: June 10, 2024

MeidasTouch host Ben Meiselas reports on the very bad day for Donald Trump’s stock following the filing of its re-audit with the SEC. Visit https://HensonShaving.com/MEIDAS to pick the razor for you and use code MEIDAS for 2 years worth of free blades! Visit https://meidastouch.com for more! Join us on Patreon: https://patreon.com/legalaf Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Learn more about your ad choices. Visit megaphone.fm/adchoices

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please contact Connex Ontario at 1-866-531-2600 to speak to an advisor free of charge. BetMGM operates pursuant to an operating agreement with iGaming Ontario. Another very bad day for the Trump media stock on Monday. The stock fell 6% on news that its re-audit, following the removal of its prior auditor, who was accused of fraud by the SEC, revealed that Trump media lost $58 million last year. That was what was previously contained in the prior audit of last year's finances, but now confirmed by the new auditor Semple, Marshall, and Cooper, or SMC, which took over for BF Borgers.

This, of course, is in addition to the news that in the first quarter of this year, Trump media lost over $320 million on slightly over $700,000 in revenue. So taking all of this data together, last year, Trump media lost $58 million. And I think that was on about 4 million plus in revenue. This year already just in one quarter, $750,000 in revenue and about a 320 plus million dollar loss. And so the stock not reacting positively to that news. Now, you'll recall that BF Borgers, the prior accounting firm, the prior auditor for Trump Media, was charged with running an audit mill or accused of running an audit mill and banned by the SEC. It said that the SEC found its review of more than 1,500 SEC filings between January 2021 and June 2023 were riddled with fraud or errors. The SEC called BF Borgers a sham audit mill. You'll recall that when we first reported on BF Borgers and then

the Financial Times did a report on it, right when Trump media went public a few months back, the Trump organization defended BF Borgers and attacked everybody who was accusing BF Borgers of potential misconduct, of being leftist propaganda. You see what the Trump media organization said back then when there were serious questions raised about BF Borgers. So after BF Borgers left, this new company had to do a new audit SMC. And again, there was a significant deficiencies found. Just take a look at the balance sheet right here. Take a look just at the P&Ls. You can see right here a $58 million loss. You see that's on about $4.1 million in revenue, $4.13 million in revenue. You take a look at the new audit that was just filed on the SEC website about the Trump media organization being a going concern. It talks about how as of December 31, 2023 and 2022,

management for Trump Media had substantial doubt that Trump Media would have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG. What's notable about this going concern statement right here is that in the prior audit, it did use a little bit different language. It was actually the independent auditor that stated that it had doubts or substantial doubts that Trump media would exist as an ongoing concern based on the revenue and losses it was taking. So they use slightly different language here

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this new filing, the material weaknesses that existed in their financials. So I know how you're, you know, if you have MAGA friends still, or all of the kind of propaganda coming from the Trump side about, oh, this is, this is just the deep state saying this. Well, let's just take a look at what your own management has said about your own company. It says, Trump media's management identified a material weakness in its eternal control over financial reporting and its financial statements for the years ending in December 31, 2021, and December 2022. A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting, such as that there is a reasonable possibility that a material misstatement of an entity's financial statements will not be prevented or detected on a timely basis. The material witnesses identified by Trump Media Management related to material errors over its financial reporting, which required the restatement of its financial statements for the years ending in December 31, 2021 and 2022.

Go to the next paragraph. It says, Trump media is committed to remediating the material weaknesses described above and commencing remediation efforts during 2024. So you're commencing remediation efforts in 2024. Well, we are in June 2024, and you just fired your prior independent auditor, BF Borgers, because you were required to do so. After giving statements of support of them when people raised red flags, the SEC identified BF Borgers as a sham audit mill. You've only recently replaced them. You've had to restate and refile your 2023 audit in June 2024,

where you're talking about material weaknesses that transpired in 2022 and 2023. So when you say you're commencing remediation efforts, it's June. It's June. Well, you clearly didn't commence those remediation efforts in a successful way based on the fact that you're submitting a re-audit now. So I'll give you my opinion right now. And again, you could have your own opinion. So 2021 material weakness, 2022 material weakness, 2023, 2024 has to be restated right now. So

there's significant issues there. I mean, this is just a complete and utter mess right here. I think it's worth noting as well, if you even just look at the filing regarding the merger of Trump Media with the SPAC to bring this company public, there's a section where it lists all of the kind of financial problems that Donald Trump has had over the years. And so this had to be disclosed to all of the investors in Trump media who got to see this and they were still like, yep, like this. I'm going to put money in this thing. Here's the disclosure that was made. A number of companies that were associated with Trump have filed for bankruptcy. There can be no assurances that Trump media will not also become bankrupt. Entities associated with Trump have filed for bankruptcy protection. The Trump Taj Mahal, which was built and owned

by Trump, filed for Chapter 11 bankruptcy in 91. The Trump Plaza, the Trump Castle, and the Plaza Hotel, all owned by Trump at the time, all filed for Chapter 11 bankruptcy in 1992. THCR, which was founded by Trump in 95, filed for Chapter 11 bankruptcy in 2004. Trump Entertainment Resorts, the new name given to Trump hotels and casinos, casino resorts after its 2004 bankruptcy, declared bankruptcy in in 2009. While all of the foregoing were in different businesses than Trump Media, there can be no guarantee that Trump Media's performance will exceed the performance of those entities. Okay. A number of companies had license agreements with Trump have failed. There can be no assurances that Trump Media will also not fail.

Trump Shuttle launched by Trump in 89, defaulted on its loan in 1990 and ceased to exist by 92. Trump University, founded by Trump in 2005, ceased operation in 2011 amid lawsuits and investigations regarding the company's business practices. Trump vodka, a brand of vodka and produced drinks by Trump under license from Trump Organization, was discontinued in 2011. Trump Mortgages, a financial services company founded by Trump in 2006, ceased operation in 2007. GoTrump.com, a travel site founded by Trump in 2006, ceased operations in 2007.

Trump Steaks, a brand of steak and other meats founded by Trump in 2007, discontinued sales two months after its launch. While all of these businesses are in different industries than Trump Media, there can be no guarantee that Trump Media's performance will exceed the performance of these entities. So let me get this straight. So did the deep state cabal take a time machine and go back in time and rig all of these things as well? Is it all rigged or maybe all of these bankruptcies and failures and seeing what's going on with Trump media and everything else in Donald Trump's life has a pattern? Hit subscribe. We're on our way to 3 million subscribers. Thanks to your support.

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