Womp Womp: Truth Social Stock Slides To New Low

August 19, 2024 Uncategorized

CNBC reports:

Shares of former President Donald Trump’s social media company on Monday touched their lowest price since they began public trading on the Nasdaq nearly five months ago after a merger.

Trump Media, the company that owns the Republican presidential nominee’s preferred social messaging platform Truth Social, traded below $22.40 per share before noon ET.

Trump Media has said in regulatory filings that its success is at least partly tied to Trump’s popularity and reputation. Some Trump supporters seem to treat the company’s stock as a way to support the former president or bet on his chances of winning a second term. On Aug. 9, Trump Media reported a loss of over $16 million for the fiscal quarter ending June 30, while posting just $837,000 in revenue in the same period.

ABC News reports:

Todd Schlanger, an interior designer from West Palm Beach, told ABC News that he purchased shares in Trump Media because he supports Trump’s politics and believes in his businesses.

“I’m a Republican, so I supported him. When I found out about the stock, I got involved because I support the company and believe in free speech,” said Schlanger, who said he owns approximately a thousand shares of the company.

Truth Social’s stock performance holds significant financial implications for the former president, who owns a 65% stake in the company. Truth Social shares make up a large portion of Trump’s overall net worth, according to Fortune.

If the fool quoted above bought at the launch price, he’s already lost about $40,000.



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