Trump Media & Technology Group Corp.
Communication Services · Interactive Media & Services
Fi fintech leg (ETFs/SMAs custodied at $SCHW). Revenue base is thin (sub-$5M quarterly ad/streaming revenue) vs ~$2B market cap, so the equity prices political-cycle option value, not fundamentals.
founder-aligned audience moat hard to replicate; fintech pivot adds non-ad rails (ETF AUM fees, treasury yield on ~$700M cash pile); crypto/payments optionality; reflexive squeeze risk given retail-heavy float; Truth+ bundling could lift ARPU if subscriber base scales.
revenue/market-cap ratio one of the widest in US listed equities; perpetual share dilution (warrant/PIPE/equity-line overhang); user growth has not inflected post-IPO; cash burn even with treasury yield offset; political cycle is a two-way risk (post-2026 cycle re-rating); concentrated insider ownership caps governance lever; auditor/SPAC legacy adds disclosure tail risk.
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