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- Truth Social’s revenue in 2023 at $4M, from $1M in 2022, with -$16M in operating losses
Truth Social’s revenue in 2023 at $4M, from $1M in 2022, with -$16M in operating losses
Bay Area Times
April 02, 2024
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Top stories today:
- Truth Social’s revenue in 2023 at $4M, from $1M in 2022
- Tiger raises $2.2B for latest VC fund, below $6B target
- Manufacturing PMI rises to 50.3, 1st expansion since 2022
- BYD EV, hybrid sales +46% YoY to 302K in Mar.
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1,610 P/S (price-to-sales).
Twitter has ~$3B in revenue, 750x more than Truth Social.
Truth’s DJT stock was -21% on the news, taking its valuation to $6.6B
2. Tiger raises $2.2B for latest VC fund, below $6B target, $12.7B prior fund
18 months in market, longer than average for Tiger.
VC portfolio -33% in 2022 and -6% in 2023.
~$50B total AUM.
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4. U.S. manufacturing PMI rises to 50.3, 1st expansion (50+) since 2022
The rate curve moved slightly up on the news, with markets pricing in ~50% odds of a rate cut in June
5. BYD EV, hybrid sales +46% YoY to 302K in Mar., as continued discounts take effect
BYD took over Tesla in global sales in Q4.
Tesla is expected to release its Q1 figures today, with BYD’s lead expected to widen
6. Debt-to-GDP could go to 189% if markets expectations on rate prove correct: Bloomberg
CBO projections “are underpinned by rosy assumptions” on tax revenue, defense spending, and interest rates, according to Bloomberg Economics.
7. Interesting videos, posts, and memes
8. Other headlines
AI
Perplexity, AI search engine, plans to sell ads.
U.S., UK sign agreement on AI safety.
Demis Hassabis’s WSJ profile: working late-nights to coordinate with CA.
ChatGPT starts not requiring account creation in some markets.
Sam Altman no longer owns, controls OpenAI Startup Fund.
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Tech
TikTok expands STEM feed to UK, Ireland for users <18.
Xiaomi stock +9% as EV received 90K pre-orders in 24h.
Rubrik files for IPO: $628M revenue, -$354M net losses.
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Tech & law
Biotech
H5N1 bird flu detected in TX person, 2nd known instance.
China’s BGI set up U.S. subsidiaries to evade scrutiny: lawmakers.
Business
Disney winning proxy fight with majority of votes counted.
Citadel’s flagship hedge fund gained 15% in 2023, from 38% in 2022.
Oil hits $85 for 1st time since Oct.
Boeing 737 factory in disarray before door plug blowout.
Crypto
SBF: “of course” I am remorseful of “mistakes.”
Binance names 1st board of directors: 3 independents, 4 insiders.
TRON, Justin Sun seek dismissal of SEC suit.
Xion, blockchain aimed at mainstream adoption, raises $25M Series A.
U.S. politics
Trump posts $175M bond to avert asset seizure, as he appeals NY case.
Trump’s gag order expanded to include family members of DA, judge.
RFK: Biden greater threat to democracy than Trump, citing censorship.
World
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