Matt Levine’s Money Stuff: Trump Media Discovers Nuclear Fusion

Programming note: This is the last Money Stuff of 2025. Thanks so much for reading this year, have a happy holiday season, and we’ll see you back in 2026.

Trump Fusion

Trump Media & Technology Group Corp. is an extremely successful company at something. Not media or technology: TMTG’s revenue from its various businesses (mostly Truth Social, plus some financial services stuff) is on the order of $4 million a year, roughly as much as a top Substack newsletter; for this it spends well over $100 million a year and paid its chief executive officer almost $47 million ...