The serious financial setback Donald Trump experienced this week in the form of a massive drop in value of his media company didn’t come as a shock to Stephen Colbert.
What did come as a shock to the “Late Show” host was that the drop happened at all. “I’m actually surprised that Truth Social had value,” Colbert joked during his monologue Tuesday night.
Of course, what the host was talking about is the massive losses incurred by Trump Media & Technology Group, the company created essentially to manage Trump’s unsuccessful Twitter clone, Truth Social. The parent company (which trades on Wall Street as DJT) went public last week and ended up with a valuation of $11 billion by Friday.
However, the true, extremely dire state of the company’s finances was disclosed on Monday, and since then the company’s stock has lost nearly $4 billion. As it has a small user base and makes almost no money, this tumble is likely to continue.
Colbert got into the topic on Tuesday by first discussing how Trump posted a $175 million bond on his $454 million New York fraud judgment, thanks to a bank loan underwritten by an unusual insurance company that specializes in subprime car loans.
“Moving on to a civil fraud case yesterday, Trump put up a $175 million bond so he could appeal his $454 million judgment. He’s been searching for weeks for someone to put up the cash and he finally found a company to agree to it,” Colbert explained. “Knight Specialty Insurance, which is run by its chairman — and four-year-old who Freaky Friday-ed with the CEO — Don Hanky.
“Hanky is kind of famous for taking on risky bets in the insurance world. He’s known as the king of subprime car loans,” Colbert continued. “Yes, he’s the king now but one day the throne will return to its rightful heir Lord Sloppy Noodle.”
“He explained why he put up the money, saying, ‘I heard that he needed a loan and this is what we do.’ Yes. This is what they did. You know their slogan: Turned down by the bankey? Don’t get so cranky. Call me, Don Hanky,” Colbert joked.
Watch the whole monologue in the video above.
