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Trump Media reports Q1 revenue $8.8M

Trump Media reports Q1 revenue $8.8M

The company ended the quarter with $759M of cash, cash equivalents, and short-term investments. Trump Media (DJT) Chairman and CEO Devin Nunes said, 'As we launched our diversification strategy last quarter, we developed unique financial products to meet the demand for non-woke funds that invest in superior American companies. We anticipate that this offering will just be the initial step in a wider expansion into new realms and industries, which will occur as we enhance both Truth Social and Truth+, including our plan to introduce a Truth+ subscription package with premium content. We are now taking every possible step to position the Company to expand robustly throughout the America-First economy.'
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Why Musk Hit a Nerve by Saying Trump Is in the Epstein Files
Why Musk Hit a Nerve by Saying Trump Is in the Epstein Files

Yahoo

timean hour ago

  • Yahoo

Why Musk Hit a Nerve by Saying Trump Is in the Epstein Files

Why is Elon Musk so sure President Donald Trump is in the so-called 'Epstein Files?' In a bombshell X post Thursday, Musk levied accusations against the president claiming that his name could be found in files pertaining to disgraced financier Jeffrey Epstein's sex trafficking case. 'Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!' Musk wrote Thursday. 'Mark this post for the future. The truth will come out.' Epstein was accused of sex trafficking minors and conspiracy to engage in the sex trafficking of minors, which he pleaded not guilty to, in 2019. A month after his arrest, he died by suicide in his jail cell, according to authorities. For years, right-wing circles have called on authorities to release all documents related to Epstein's investigation, including flight logs of his private plane, client names, and inquiries into his suicide. Though the Trump administration has consistently promised to declassify the Epstein files, they have yet to divulge any new details on Epstein's case, as pointed out by Musk. In a statement to CNN, White House press secretary Karoline Leavitt weighed in on Musk's accusations and said: 'This is an unfortunate episode from Elon, who is unhappy with the 'One, Big, Beautiful Bill' because it does not include the policies he wanted. The president is focused on passing this historic piece of legislation and making our country great again.' The White House did not immediately respond to the Daily Beast's request for comment on Musk's accusations. Though Trump has spent the past decade fiercely distancing himself from Epstein, the two had a documented relationship during the late 1980s to early 2000s. In 1992, for example, they were filmed speaking and laughing together at a party in Mar-a-Lago. Years later, in 1997, they were pictured together again at a Victoria's Secret Angels party. In a 2002 interview with New York magazine, Trump even praised Epstein as a 'terrific guy.' 'I've known Jeff for 15 years. Terrific guy,' Trump said at the time. 'He's a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side. No doubt about it—Jeffrey enjoys his social life.' Flight logs released in 2021 as part of the trial of Ghislaine Maxwell, Epstein's accomplice, also indicated that Trump flew on Epstein's plane seven times throughout their friendship. 'I was never on Epstein's Plane, or at his 'stupid' Island,' Trump said in a 2024 Truth Social post. Whatever relationship the two seemed to have, however, came to a halt in 2004 following a real estate feud, according to The Washington Post. At the time, the two men were both eyeing a Palm Beach property, Maison de L'Amitié, for different reasons and subsequently went head-to-head in a bidding war over it. In the years to follow, Trump grew to become an outspoken critic of Epstein's, both in public and behind closed doors. Bradley Edwards, an attorney who represented a number of Epstein's alleged victims, told The Conscious Resistance Network in 2018 that Trump was the 'only person' who agreed to talk to him when he was serving subpoenas during an Epstein investigation in 2009 and that he was 'very helpful in the information he gave.' 'He is the only person who picked up the phone and said 'Let's just talk, I'll give you as much time as you want, I'll tell you what you need to know,'' Edwards said, adding that Trump 'gave no indication whatsoever that he was involved in anything untoward.' One of the president's former 2016 campaign aides, Sam Nunberg, also told The Washington Post that Trump had once called Epstein a 'real creep' and that he had barred him from Mar-a-Lago as a result. When probed on Epstein following his arrest in July 2019, Trump told a reporter: 'Well I knew him like everybody in Palm Beach knew him… I had a falling out with him a long time ago. I don't think I've spoken to him for 15 years. I wasn't a fan… That I can tell you. I was not a fan of his.' A few days later, he reiterated that he 'had no idea' about Epstein's alleged crimes and added 'Jeffrey Epstein was not somebody that I respected. I threw him out.' Trump more recently addressed Epstein during a September 2024 interview with Lex Fridman where he said: '[Epstein] had some nice assets that he'd throw around like islands, but a lot of big people went to that island. But fortunately, I was not one of them.' The president has notably not been accused of any wrongdoing in connection with Epstein. Epstein, however, had a different version of events. In 2017, the financier spoke at length with author Michael Wolff as part of his research for his 2018 bestselling book Fire and Fury. In tape recordings of their conversation, shared by Wolff to the Daily Beast in November, Epstein described himself as Trump's 'closest friend for 10 years' and alleged that the two enjoyed going to 'Atlantic City to try to find girls in the casino.' 'He's a horrible human being,' Epstein, a convicted sex offender, said of Trump in the tapes. 'He does nasty things to his best friends, best friends' wives, anyone who he first tries to gain their trust and uses it to do bad things to them.' At the time, Trump's representatives referred to the tapes as 'false smears' and 'election interference' as they were published days before the November 2024 election. Trump's team further told the Daily Beast that Wolff is 'a disgraced writer who routinely fabricates lies in order to sell fiction books because he clearly has no morals or ethics.' 'He waited until days before the election to make outlandish false smears all in an effort to engage in blatant election interference on behalf of Kamala Harris. He's a failed journalist that is resorting to lying for attention,' they continued.

Jack Daniel's maker Brown-Forman sees sales fall as Trump trade conflicts weigh on spirits producers

time2 hours ago

Jack Daniel's maker Brown-Forman sees sales fall as Trump trade conflicts weigh on spirits producers

LOUISVILLE, Ky. -- Brown-Forman Corp. reported weaker sales Thursday as the maker of Jack Daniel's Tennessee Whiskey confronts challenging market conditions amid global trade conflicts and pinched consumer spending. The Louisville, Kentucky-based spirits giant said its full-year net sales of nearly $4 billion were down 5% from a year ago, and fell 7% in in the fourth quarter. Net income was down 15% for the full fiscal year and plunged 45% in the fourth quarter ending April 30, the company said. The quarterly drop came as Brown-Forman and other U.S. spirits producers who rely heavily on foreign sales felt the reverberations from President Donald Trump's sweeping tariff plans and consumer anxiety about the economy. Brown-Forman also offered a sobering assessment for the coming year. Having steered the company through an 'extremely challenging and uncertain operating environment' in the past year, Brown-Forman CEO Lawson Whiting predicted another challenging year ahead. 'Fiscal 2025 was a year unlike any other that I've seen in the past three decades,' he said during a conference call with industry market analysts. Whiting pointed to industry figures showing that many consumers are purchasing smaller sizes of spirits. He called it unusual and said it reflects a consumer 'who's pinched and just goes to the store with a $10 bill instead of $20 and then they get the smaller size.' 'The consumer and their wallet just doesn't have as much money in it," he said. "They're spending money on things like vacations and lodging, and other things like that. But then when it trickles down and they go to the grocery store, I think in some cases, spirits have fallen out of the basket a little bit.' In its outlook for the next year, the company said the challenges include continued consumer uncertainty and the 'potential impact from currently unknown tariffs.' 'We know it's highly volatile," Leanne Cunningham, the company's CFO, said while fielding a question about tariffs during the conference call. "None of us can predict what's going on." The company believes the market volatility will "create sustained levels of consumer uncertainty, which we believe will lead to another year of below historical total distilled spirits trends,' she said. Trump has often announced changes and pauses to his sweeping tariff plans on his social media platform. Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that's set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further. Brown-Forman executives said Thursday that American spirits brands mostly remain off store shelves in Canada. Trump has angered Canadians with his trade war and calls to make Canada the 51st state. Spirits makers in Kentucky have expressed fears of becoming "collateral damage' by getting caught up in trade conflicts. 'The uncertainty of the tariffs continues to weigh down distilleries large and small," Chris Swonger, president and CEO of the Distilled Spirits Council of the United States, said in a statement Thursday. "We are urging the Trump administration to help get the spirits sector back to fair and reciprocal trade with zero-for-zero tariffs with our major trading partners.' Meanwhile, Brown-Forman's full-year results showed that net sales for its whiskey products were flat. Growth from Jack Daniel's Tennessee Whiskey and its Woodford Reserve brand was offset by the negative effect of foreign exchange and declines in other super-premium Jack Daniel's products, it said. The company will launch a new product, Jack Daniel's Tennessee Blackberry, this summer. 'BlackBerry is a globally recognized, well-established flavor trend, and naturally complements the flavor of Jack Daniel's Tennessee Whiskey," Whiting said. In January, Brown-Forman announced it was reducing its global workforce by about 12% and closing its hometown barrel-making plant in Louisville. Whiting reaffirmed Thursday that those actions are expected to produce about $70 million to $80 million in annualized cost savings.

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