this post was submitted on 14 Nov 2023
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Wtf did that money even get spent on? They just used mastodon code, so they needed like one or two coders. Traffic was shit so it can't be that much for hosting.
$23M of the loss is from the first half of this year. There was a $10M regulatory settlement and another $11M spent on "legal investigations", which covers the bulk of that. I don't have the time nor the inclination to really dig into it, but you can look at the filing here: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000119312523276045/d408563ds4a.htm
They lost $50M last year. I haven't looked at that filing so I don't have a clue what they spent that on besides $5M on "legal investigations" in the first half.
This company is a total scam. It's basically a slush fund for Trump. What would probably be more of a bombshell than the spending is where the money is coming from. It's all but guaranteed that it's primarily foreign money. Probably also some rich MAGA wackadoos buying influence.