Bulwark Takes
Bulwark Takes
March 1, 2026

Trump’s $712M Loss! If It Wasn’t So Corrupt, It’d Be Funny.

Quick Read

Donald Trump's Texas rally featured surprising Supreme Court speculation and a 'bonus term' claim, while his Truth Social platform reported a staggering $712 million loss against minimal revenue.
Trump publicly floated Ted Cruz for the Supreme Court, potentially signaling upcoming vacancies or a strategy to sideline Cruz.
Truth Social's parent company reported a $712 million loss on just $3.7 million in revenue, raising questions about its financial management.
Trump reiterated his claim of being 'entitled' to a third term, continuing to push election fraud narratives.

Summary

The episode dissects Donald Trump's recent Texas rally, where he floated Ted Cruz for the Supreme Court, a move interpreted as an attempt to sideline Cruz or signal potential retirements from Justices Thomas or Alito. Trump also congratulated Congressman Tony Gonzalez despite a recent scandal and reiterated his claim of being 'entitled' to a third term. The host then reveals Truth Social's parent company, Trump Media and Technology Group, reported a 2025 revenue of $3.7 million against a net loss of $712 million, framing it as evidence of both corruption and incompetence within Trump's business ventures.
This episode highlights key aspects of Trump's political strategy, including his use of rallies to send veiled messages about judicial appointments and his continued promotion of election fraud claims. The financial revelations about Truth Social provide concrete data on the business performance of a Trump-affiliated enterprise, challenging the 'businessman' narrative often associated with him and raising questions about its operational viability and potential for financial impropriety.

Takeaways

  • Trump suggested Ted Cruz for the Supreme Court, a move interpreted as a potential signal for Justices Thomas or Alito to retire.
  • Trump congratulated Texas Congressman Tony Gonzalez at a rally, despite a recent scandal involving a staffer's death.
  • Trump Media and Technology Group (Truth Social's parent) reported $3.7 million in revenue and a $712 million net loss in 2025.
  • Trump continued to float the idea of a 'bonus term' as president, citing alleged election cheating.
  • The host suggests Democrats in Dan Crenshaw's district could strategically vote in the Republican primary against him to potentially make the seat more attainable for Democrats.

Insights

1Trump's Supreme Court Maneuvering

At a Texas rally, Trump publicly mentioned considering Ted Cruz for the Supreme Court. The host interprets this as a potential signal that Trump is having conversations with Justices Thomas or Alito about their retirement, aiming to replace them with ideological allies during his potential presidency. Alternatively, it could be a tactic to sideline Cruz from the 'anti-Vance' wing of the Republican party.

Trump stated, 'We have a senator who's really an amazing guy. I'm thinking about putting him in the Supreme Court... He's the only guy I know he'll get 100% of the Democrat vote, 100% of the Republican vote. They want to get him out of there.'

2Truth Social's Catastrophic Financial Performance

Truth Social's parent company, Trump Media and Technology Group, filed financial reports for 2025, revealing a total revenue of $3.7 million against a net loss of $712 million. The host characterizes this as evidence of either a 'criminal enterprise' or 'utterly incompetently run organization,' highlighting the stark contrast between revenue and losses.

The host reported, 'Trump Media and Technology Group... brought in 3.7 million [in revenue] and lost 712 million.'

3Trump's Endorsement of Tony Gonzalez Amidst Scandal

During the Texas rally, Trump publicly congratulated Congressman Tony Gonzalez, despite Gonzalez being embroiled in a significant scandal involving an affair with a staffer who later died by suicide. The host questions the appropriateness of such a public commendation.

Trump stated, 'Congressman Tony Gonzalez is here. Tony, congratulations.' The host then questioned, 'Congratulations for what exactly?'

4Reiteration of 'Bonus Term' Claim

Trump once again floated the idea of serving a 'bonus term' as president, asserting entitlement due to alleged cheating in past elections. The host expresses concern over this rhetoric, particularly given Trump's age and potential political/legal pressures.

Trump said, 'Maybe we do one more term. Should we do one more term? Do one more term. Well, we're entitled to it because they cheated like hell in the second, right? So, we would actually be entitled to it.'

Bottom Line

Trump's public musings about Supreme Court appointments may serve as a strategic signal to current justices (Thomas, Alito) about potential retirement incentives, rather than a genuine intent to appoint the named individual (Cruz).

So What?

This indicates a calculated political play to shape the judiciary, leveraging public statements to influence private decisions of sitting justices, ensuring a conservative majority if Trump returns to office.

Impact

Analysts should monitor any shifts in public statements or filings related to these justices, as Trump's 'internal monologue' often foreshadows actual political maneuvers.

The extreme financial disparity of Truth Social ($3.7M revenue vs. $712M loss) suggests the platform is not a viable business but potentially a vehicle for other purposes, such as wealth transfer or political influence, heavily reliant on external bailouts.

So What?

This undermines the 'businessman' image of Trump and raises red flags about financial transparency and potential misuse of funds, especially if it relies on 'billionaire buddies' for solvency.

Impact

Investors and regulators should scrutinize the financial flows and ownership structures of Trump-affiliated entities, particularly as they seek public market access, to identify potential irregularities or unsustainable business models.

Lessons

  • When analyzing Trump's public statements, consider them as potential signals for internal political strategies, especially regarding judicial appointments or party dynamics.
  • Scrutinize the financial health of politically connected companies, as massive discrepancies between revenue and losses can indicate underlying issues beyond typical business challenges.
  • For voters in specific districts, consider strategic voting in primaries (e.g., 'pulling the Republican ballot' in Texas) if the goal is to weaken a specific incumbent or make a general election seat more competitive for an opposing party.

Strategic Primary Voting for Political Disruption

1

Identify a primary election where a disliked incumbent faces a challenge from a more extreme candidate.

2

If allowed in your state (e.g., Texas's open primary system), choose to vote in that party's primary.

3

Cast a vote for the more extreme challenger, with the aim of making the general election seat potentially more winnable for your preferred party, or simply to remove the incumbent.

Notable Moments

Trump's public suggestion of Ted Cruz for the Supreme Court.

This statement is interpreted as a strategic signal regarding potential Supreme Court vacancies or an attempt to politically sideline Cruz, revealing Trump's ongoing influence on judicial and party politics.

The revelation of Truth Social's $712 million loss on $3.7 million revenue.

This financial report provides stark evidence of the company's operational struggles and raises significant questions about its business model and financial integrity, challenging the narrative of Trump as a successful businessman.

Quotes

"

"We have a senator who's really an amazing guy. I'm thinking about putting him in the Supreme Court... He's the only guy I know he'll get 100% of the Democrat vote, 100% of the Republican vote. They want to get him out of there."

Donald Trump
"

"Maybe we do one more term. Should we do one more term? Do one more term. Well, we're entitled to it because they cheated like hell in the second, right? So, we would actually be entitled to it."

Donald Trump

Q&A

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