Do you remember Joe Flaherty? He died yesterday at age 82, according to this obituary in the Times. I only half remembered his name. But I definitely remembered him, his various characters and even more the show he was part of, Second City TV. Did you watch this show either at the time it aired (1976-1984) or since? I’m not sure how well known it is today. But I watched it as a little kid when it first ran and even today I can remember my uncontrollable bouts of laughter. It was the kind of stuff I’d remember or play back in my head the next day in school and just start giggling in a way I couldn’t control and then get in trouble for disrupting class. Eventually I came up with a list of really sad things I would have on hand to think about if some part of the last episode popped into my mind during class or even worse during a test. Like that funny.

We’ve signed up 759 new members since we kicked off this year’s annual TPM membership drive. That’s just over 3/4 of the way toward our goal. I really want to thank everyone who has signed up so far. Truly. Thank you. If you’ve been considering signing up, please take the plunge today. We’re so close to hitting our goal of 1,000 new members. With your help we can probably get to 800 today. Just click here. We really appreciate it.

I wanted to share a few thoughts with you about the pretty big news out of Florida this afternoon. If you haven’t already heard, the state Supreme Court signed off on two ballot initiatives which will now appear on the ballot this November: one legalizing abortion and another legalizing marijuana. This is a big deal both for the rights in question and the potential impact on the general election. So starting with the correct assumption that this is a big deal I want to note a few complexities and complications.

I have been in the absolute thick of it. As a campaign trail reporter and White House correspondent throughout Donald Trump’s rise and presidency, I had a front row seat to the tsunami of paranoia, racism, and political violence that now threatens to consume American society as we knew it. The experience brought me back to TPM after nearly a decade away.  

As we are in the final stretch of our membership drive, I’d like to tell you the story of my back-and-forth journey with TPM and why I hope you will join me here. 

I mentioned last week that Truth Social — Trump’s social network — only had a bit more revenue than TPM. And needless to say, TPM doesn’t have a multi-billion dollar stock valuation. (If anyone disagrees on this point, contact me.) Today the company released its first 8-K, basically one of the many SEC-mandated disclosures for public companies in which lying means committing a crime. There’s a bit more there on the inflows and outflows. TS brought in about $4.1 million last year and spent $58 million. So that means that TS had about 30% more revenue than TPM and roughly 20 times the expenses. Not great! There’s some other interesting details, like the fact that $39 million of that $58 million went to interest payments. Go figure.

These data points are pretty good evidence that this company is a joke. And they make for good fun. But it’s not proof. A social network in its early stages can be bleeding lots of money and still be legitimately worth a ton of money. This isn’t just hypothetical. Facebook had already become a force of nature before Mark Zuckerberg turned his attention to monetizing the engine of value he created. So there was a time when Facebook was also spending way more money than it made and investors were dying to buy in. Those who did made tons of money.

So the revenue and expenses aren’t the proof. But the proof is there.