markets

Luke Kawa8/4/25

Trump Media rises after reporting first quarter of positive operating cash flow, but it’s still going to be tethered to bitcoin

Trump Media & Technology Group is 2% higher in premarket trading this morning after the owner of Truth Social and a swath of crypto assets unexpectedly released its second-quarter results on Friday evening.

Trump Media reported its first quarter of positive operating cash flow — $2.3 million in the green — after accumulating more than $61 million in operating losses in the prior four quarters. While net sales were up slightly year on year to $883,300, the company continues to do about as much business each quarter as the average US McDonald’s location. Diluted losses per share were also down to just $0.08 versus $0.10 in Q2 2024.

Quarterly numbers may not be that valuable in telling us about the ebbs and flows of the business, barring substantial changes. That’s because Trump Media is one of a growing number of companies that have hitched their wagon to bitcoin (or other cryptocurrencies). It bought about $2 billion in bitcoin and related securities in July after raising money to do so in May. As of the end of June, the company had $3.2 billion in assets.

Per Bloomberg data, President Donald Trump is the largest holder of the shares, with a 41% position (worth about $1.9 billion at current prices).

DJT had been slated to release earnings at the end of this week.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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