IN THE Wild West of Trumpland, 2024 has featured enough close-ups of eyes and holsters to satisfy Sergio Leone, with Donald Trump in multiple stand-offs against legal and money woes. Fittingly, Trump’s media firm has also been quite the bucking bronco since its market debut last week.

Trump Media & Technology Group (TMTG) – which trades as DJT (the man’s initials) – has been on a wild ride, soaring on euphoria before being dinged by a disclosure on Monday (Apr 1) that highlighted its losses and “greater risks” from its Trump association.

While the numbers might be new, the risks surely cannot be a novel discovery. Even after the sell-down earlier this week, DJT’s financial multiples remain cartoonishly high. And unlike other social media networks, TMTG’s Truth Social has not revealed bread-and-butter metrics, such as its number of monthly active users.