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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

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Top stories today:

  1. Truth Social’s revenue in 2023 at $4M, from $1M in 2022
  2. Tiger raises $2.2B for latest VC fund, below $6B target
  3. Manufacturing PMI rises to 50.3, 1st expansion since 2022
  4. 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. Truth Social’s revenue in 2023 at $4M, from $1M in 2022, with -$16M in operating losses

  • 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

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


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  • 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.

  • James Allen: the engagement ring for the tech bro wife.*


Tech & law

  • Google to delete Incognito browsing data as part of settlement.

  • Japan approves $3.9B in subsidies to chip company Rapidus.



  • 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.


  • 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.


  • MBS to meet Sullivan on Saudi, Israel mega-deal.

  • Iran says Israel struck embassy in Syria, vowing “decisive response.”

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