Lara Trump, the daughter-in-law of former President Donald Trump, has fiercely defended her father-in-law against a new nickname given to him by Democrats amidst his ongoing financial struggles. During an appearance on Eric Bolling's "The Balance" show on Newsmax on Thursday, April 4, Lara Trump slammed President Joe Biden and Vice President Kamala Harris for attempting to usurp Donald Trump as the "greatest marketer in the world" by dubbing him "Broke Don."
"The reality is Joe Biden and Kamala Harris... they try to usurp Donald Trump as the greatest marketer in the world with his naming of people [and] it doesn't work, it's ridiculous," Lara Trump said. "And not only that, immediately after that, they tried to name him 'Broke Don,' but he actually got $6 billion with the Truth Social site."
The Democrats have been experimenting with nicknames as a tactic against Trump, reminiscent of his own infamous use of monikers for his opponents during the 2016 presidential race, such as referring to Biden as "Sleepy Joe" and Hillary Clinton as "Crooked Hillary."
However, despite Lara Trump's claims of Truth Social's success, the company's value has plummeted following a strong initial public offering. Shares of the Trump Media & Technology Group, whose main asset is Truth Social, soared to $78 on the first day of trading, valuing the company at $11 billion at the close. However, in the following days, the share value quickly decreased, wiping away billions off its value and closing at $48.
A regulatory filing to the Securities and Exchange Commission revealed concerning financial figures, indicating operational challenges for the company. The filing disclosed a stark contrast between revenue and expenses, with Truth Social making just over $4.1 million in revenue in its last operating year but incurring $58.2 million in costs, resulting in an operating loss of $15.96 million.
The former president's business ventures, including his social media platform, are under scrutiny due to financial losses, adding to the legal and financial pressures Trump is currently facing. With Trump's presidential campaign striving to match Biden's fundraising prowess, efforts are being made to mobilize resources, including a significant fundraiser in Florida that aims to generate $40 million, with high-profile attendees paying premium prices upwards of $1.6 million to attend the campaign event.
In contrast, Biden's recent fundraiser in New York City, which featured prominent Democratic figures such as former presidents Barack Obama and Bill Clinton, was highlighted as one of the most successful political fundraisers, making approximately $26 million.
Meanwhile, Attorney General Letitia James has filed a notice requesting additional information about Knight Specialty Insurance Company (KSIC), the company underwriting the $175 million appeal bond for Donald Trump. If the former president's appeal fails, he would still be accountable for the remaining $464 million judgment against him.
Trump has denied all wrongdoing and called all four criminal indictments against him "nothing but political witch hunts" orchestrated by the Biden administration and the Democrats. He has gone on to publicly insult judges, prosecutors, and their families on social media.
As the legal and financial pressures mount against Donald Trump, his daughter-in-law Lara Trump remains a staunch defender, dismissing the "Broke Don" nickname and asserting his success with Truth Social. However, the regulatory filings and financial struggles of the company paint a different picture, raising questions about the former president's business ventures and their viability amid his ongoing legal battles and presidential campaign.
