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DJT, Decompiled: A $1.3B Enterprise With No Operating Stack Behind the meter on Trump Media and Technology Group, the architecture diagram is mostly empty boxes.
Strip out the cash position and the convertible-debt overhang, and what is left is an enterprise valued near $1.3 billion running on roughly $4 million in trailing revenue.
For an engineer looking at this as a system, that ratio is not a valuation puzzle. It is a sign that the production environment was never wired up. The Q1 numbers read like a startup that forgot to ship.
Advertising revenue printed $617,000, down about 25 percent year over year. Subscriptions limped in just under $200,000.
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