Podcast Summary
Trump Media's Financials Raise Concerns: Despite generating only $4.1 million in revenue and reporting a loss of $58 million, Trump Media continues to operate, but its future is uncertain due to significant losses and a small user base.
The financial situation of Trump Media, the company behind Truth Social, is concerning. The company reported a loss of $58 million in 2022 and generated only $4.1 million in revenue. Trump Media's struggles have led to questions about its existence as a going concern. The independent auditor in the SEC filing raised substantial doubts about the company's ability to continue operating due to its significant losses. Furthermore, Trump Media's user base of less than 10 million users a month is dwarfed by other platforms. Adding to the intrigue, the independent auditor for Trump Media is a small firm named after Ben Borgers. The size and appearance of his office have raised eyebrows, as typically, publicly traded companies use one of the big four accounting firms for audits. These red flags underscore the challenges facing Trump Media and the uncertainty surrounding its future.
Donald Trump's questionable professional associations: Trump's history of choosing inexperienced and questionable professionals raises concerns for competence and legitimacy in his financial dealings.
Donald Trump's associations and choices of professionals, from doctors to lawyers to accountants, have raised concerns for their competence and legitimacy throughout his career. The Financial Times article on Ben Borgers, an accountant linked to Trump, added to these concerns due to Borgers' lack of experience and questionable connections. Trump's history of surrounding himself with individuals who lack expertise and praise him excessively, rather than accomplished professionals, has led to devastating results. The account of Borger's potential involvement in Trump's finances further highlights the importance of transparency and competence in financial matters, especially for public figures.
Independent Auditor for Trump Media Group Faces Regulatory Scrutiny: Despite numerous deficiency findings from regulatory bodies, Trump Media Group continues to work with an independent auditor, Ben Borgers, who has faced criticism for failures to properly check accounts and test accounting policies.
Ben Borgers, the independent auditor for Trump Media Group, has faced significant criticism and deficiency findings from regulatory bodies, including the Public Company Accounting Oversight Board (PCAOB) and Canadian audit regulators. The PCAOB identified a 100% deficiency rate in Borgers' inspections in the past two years, with issues including failures to properly check accounts and test accounting policies. The Colorado State Board of Accountancy fined Borgers $5,000 and issued a letter of admonition for failing to conduct retirement plan audits with due care. Canada's audit regulator banned Borgers from taking on new clients after finding 19 violations of professional standards. Despite these findings, Trump Media Group has chosen to work with Borgers as their auditor. The PCAOB and other regulators play a crucial role in overseeing audits of public companies to protect investors and uphold professional standards.
Discover Delicious and Diet-Friendly Cereals with Magic Spoon: Magic Spoon offers high-protein, zero-sugar cereals that are keto-friendly, gluten-free, grain-free, and soy-free. Try them with a $5 discount using the promo code Midas.
Magic Spoon offers a delicious and high-quality alternative to traditional cereals, with each serving providing high protein, zero sugar, and various dietary benefits. The brand's cereals are keto-friendly, gluten-free, grain-free, and soy-free, making them an excellent option for individuals with dietary restrictions. Magic Spoon's commitment to quality is evident in their 100% happiness guarantee, which ensures customer satisfaction or a full refund. In contrast, the Financial Times reported concerns about Trump Media and its ongoing financial viability, with an independent auditor raising substantial doubts about the company's ability to continue operations due to significant losses. This news comes from a reputable source and underscores the importance of transparency and financial responsibility in business. To try Magic Spoon's cereals and save $5 off your order, visit magicspoon.com/midas and use the promo code Midas at checkout.
BF Borgers: Rapidly Growing Audit Firm Faces Criticism from Regulators: BF Borgers, a fast-growing audit firm, faces criticism from regulators for taking on more clients than it can handle, with its founder personally signing a large number of audit opinions, and concerns about the firm's commitment to maintaining professional competence.
BF Borgers, a relatively new audit firm founded in 2009, has rapidly grown to become the 8th largest audit firm in the US with over 170 clients, but regulators have raised concerns about the firm's ability to manage its growth and maintain professional competence. The firm, which operates out of a small office building in Colorado with only 50 staff, has been targeting small and micro cap companies unable or unwilling to pay higher rates charged by larger rivals. Its founder, Ben Borgers, has personally signed a significant number of public company audit opinions, with 143 in the past year according to Itogen Audit Analytics. However, the Public Company Accounting Oversight Board (PCAOB) has criticized the tone at the top of the firm and questioned the commitment of Borgers' management to only undertake engagements that can be completed with professional competence. The firm's highest profile client to date is the media parent company of Trump's social network, Truth Social. Despite these criticisms, Trump has brought BF Borgers into his orbit, making it a partisan issue.
Understanding the MAGA Movement's Criticisms: The MAGA movement is a radical force that disregards factual accuracy and objective reality, often relying on falsehoods, conspiracies, and gaslighting, and it's important to stay informed about its latest developments.
The MAGA movement, as criticized in the discussion, is seen as a radical and incompetent force that frames issues as partisan and relies heavily on falsehoods, conspiracies, and gaslighting. The Financial Times, being a left-leaning publication, is accused of activism, but the speaker argues that this behavior is not exclusive to any political party. The MAGA phenomenon is unique and distinct, marked by a disregard for factual accuracy and objective reality. It's essential to stay informed about the latest developments related to the MAGA movement and other relevant topics. Sign up for the Midas Touch newsletter at midas touch.com/newsletter to stay updated.
