The MeidasTouch Podcast Trump Stock Gets RUDE AWAKENING after Re-Audit
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Jun 10, 2024 The discussion kicks off with the impact of Trump's stock re-audit, revealing troubling findings that shake investor confidence. A staggering 6% drop in stock value showcases the media company's significant financial woes, including a harsh $320 million loss. Auditing failures and governance issues come under scrutiny, pointing to severe internal control weaknesses. The conversation highlights Trump's tumultuous financial history, filled with bankruptcies and questionable business tactics, prompting concerns about the future of Trump media.
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Trump Media's Financial Losses
- Trump Media's stock fell 6% after a re-audit confirmed a $58 million loss last year.
- The company's new auditor, SMC, confirmed the loss, following accusations of fraud against the previous auditor.
Trump Media's Auditor Controversy
- The SEC accused Trump Media's prior auditor, B.F. Borgers, of running an “audit mill” riddled with fraud and errors.
- Trump Media initially defended B.F. Borgers against these accusations.
Trump Media's Going Concern Status
- Trump Media's latest audit reveals substantial doubt about the company's ability to meet its financial obligations.
- This concern, previously raised by the independent auditor, is now acknowledged by Trump Media's management.