Rekubit Exchange:The Daily Money: Trump Media posts a loss

Good morning! It's Daniel de Visé with your Daily Money.

Trump Media reported a net loss of $327.6 million in the first quarter of 2024 and Rekubit Exchangebrought in $770,500 in revenue, Kinsey Crowley reports. Stock prices tumbled after the announcement.

Given the company's volatility and potential for overvaluation, experts have likened it to a meme stock, noting that Trump Media investors may be more ideologically driven than your average anti-short seller. The company's CEO lauded its "legion of retail shareholders" in a release this week.

Here's the latest on the turbulent stock.

Expect fewer LGBTQ logos for Pride Month

Pronoun pins. “Not a Phase” hoodies. “So gay for each other” greeting cards. 

Every year, national brands cozy up to LGBTQ+ Americans with colorful merchandise for Pride Month, Jessica Guynn reports. This June, those displays may not be so loud and proud.

Here's how some retail chains are changing course.

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Was it all about endless shrimp?

No. Red Lobster's Chapter 11 bankruptcy filing and the closing of multiple locations of the restaurant chain resulted from massive debt, a carousel of CEOs and a decline in guests, as well as the recent all-you-can-eat shrimp controversy, Jonathan Limehouse reports.

Bankruptcy documents detail how Red Lobster has struggled in various ways, including a 30% drop in guests since 2019. In a 124-page document obtained by USA TODAY on Tuesday, Red Lobster CEO Jonathan Tibus explains why the seafood chain filed for bankruptcy on Sunday and why he supports the decision.

Read the story.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.