We knew there was a vast disconnect between Truth Social's financials and its market cap, but new numbers released this morning almost read like an April Fool's Day joke.

By the numbers: Trump Media & Technology Group lost more than $58 million on $4.1 million in revenue during 2023, per new filings with the SEC.

• More importantly, the company lost top-line momentum, generating only $751,500 in Q4. It had topped $1 million in Q3.
• The vast majority of TMTG's losses are tied to interest expenses, although it also operated at a $16 million deficit for the year.

The big picture: The SPAC merger proceeds make TMTG financially viable for a while, but it's not possible to even pretend that the equity value has any relation to the underlying business.

• At this point, owning TMTG is basically an in-kind donation to Donald Trump. Both financially and reputationally.
• Shares fell in early trades this morning, but the company's market cap remains well above $6 billion.

The bottom line: Peak SPAC wasn't in 2021. It was last week.

PAG is leading an $8.3 billion deal for a 60% stake in China's largest shopping mall operator, from Dalian Wanda.

Why it's the BFD: Dalian Wanda is gasping for air beneath its debt burden, and this is one of its largest restructuring efforts so far.

Other investors include CITIC Capital, Abu Dhabi Investment Authority, Mubadala, and Ares Management.

Catch up quick: PAG in 2021 made a $2.8 billion investment in Dalian Wanda's commercial property services, which included Wanda's promise of repayment plus interest if the unit didn't go public by the end of 2023.

• That IPO never happened and the firms announced a settlement, but didn't disclose many specifics until now.

The bottom line: "Wanda was once seen as one of the few high-quality Chinese issuers in the junk-bond market thanks to its focus on commercial real estate as well as its asset-light property management business. The conglomerate came under pressure after borrowing costs surged and Beijing cracked down on the property sector." — Bloomberg

• Firecell, a French connectivity solutions startup, raised €6.6m in seed funding. Ventech and Matterwave Ventures co-led, and were joined by Bpifrance and Bouygues Telecom Initiative. https://axios.link/49lUluG

Fidelity cut the value of X/Twitter by another 5.7% in February, putting its total markdown at 73.15% since Elon Musk bought the company in October 2022.

• Cadent, a TV advertising firm owned by Novacap, agreed to buy AdTheorent (Nasdaq: ADTH) for $324m in cash, or $3.21 per share. www.cadent.tv

• L Catterton launched a joint venture with former Hindustan Unilever CEO Sanjiv Mehta to invest in Indian consumer companies. https://axios.link/3VF113U

• Littlejohn & Co. acquired UAT, a Lorton, Va.-based provider of residential HVAC and plumbing services. www.unitedairtemp.com

🚑 Maverix Medical, a Menlo Park, Calif.-based biotech focused on lung cancer, acquired Phoenix-based medical diagnostics company Cirrus Bio. Maverix was formed by Ajax Health, KKR, and Hologic. https://axios.link/3IWir4J

• Progress Software (Nasdaq: PRGS) offered to buy cloud database software firm MariaDB (NYSE: MRDB) for $0.60 per share, topping a $0.55 per share offer from K1 Investment Management. https://axios.link/4cRq623

• Vallen, a Belmont, N.C.-based industrial supply chain company owned by Nautic Partners, acquired Wesco Integrated Supply from Wesco International (NYSE: WCC). www.vallen.com

🚑 Invea Therapeutics, a Guilford, Conn.-based biotech focused on inflammatory diseases, withdrew registration filed last October for a $75m IPO. Backers include Connecticut Innovations. https://axios.link/3SaIviq

• Aerkomm, a Fremont, Calif.-based provider of satellite-based broadband connectivity solutions, agreed to be acquired at an implied $200m enterprise value via IX Acquisition (Nasdaq: IXAQW). https://axios.link/3xshQF6

Source: Giphy

• Liberty Media (Nasdaq: FWONA) agreed to buy MotoGP rights-holder Dorna Sports for around €4.2b in cash and stock from backers like CPP Investments. https://axios.link/3TULj3r

• RHI Magnesita (Warsaw RHIM) agreed to buy Resco Products, a Pittsburgh-based maker of refractory products, from Balmoral Funds for up to $430m. www.rescoproducts.com

• Airspan Networks (NYSE A: MIMO) filed for Chapter 11 bankruptcy protection, and entered a restructuring agreement that includes up to $95m in equity funding from Fortress Investment Group. https://axios.link/3IYpxFR

• Live Nation (NYSE: LVY) acquired a majority stake in First Fleet Concerts, an Iowa concert promotions firm, per Axios Des Moines. https://axios.link/3xqktY1

Sam Altman no longer owns OpenAI Startup Fund, per a new SEC disclosure. Instead, control has been moved over to Ian Hathaway, who's helped manage the fund since it launched in 2021.

• OpenAI tells Axios that Hathaway has overseen the fund's accelerator program and led investments in such companies as Harvey, Cursor, Speak, and Ambience Healthcare.
• The company adds: "As previously communicated, the fund's initial GP structure was a temporary arrangement, and involved no personal investment or financial interest from Sam. This change provides further clarity."

• GoldenTree secured $1.3b for its third CLO fund. www.goldentree.com

• Long Journey Ventures is raising up to $175m for its fourth fund, per an SEC filing.

• Scribble Ventures, led by Elizabeth Weil, is raising up to $75m for its third fund, per an SEC filing.

• Kelly DePonte is retiring from placement agency Probitas Partners after 22 years. He'll remain a senior advisor with Probitas, but also is opening his own boutique advisory firm.

• Shuji Hatsukaiwa joined Golub Capital as a Tokyo-based managing director. He previously was with Schroder Investment Management (Japan). www.golubcapital.com

⚡ Bala Nagarajan joined S2G Ventures as managing director of the firm's energy team. He previously was with NextEra Energy. www.s2gventures.com

VC firms expect to get a fundraising boost from sovereign wealth funds in 2024, but a cut from more traditional LP sources like college endowments, according to a recent survey by the Kauffman Fellows program. Go deeper.