Donald Trump Freaks Out as Truth Social Value Tanks
Donald Trump’s social media company has seen its value plummet after a series of bad news this week, and the former president is throwing a tantrum about it online.
In two long-winded posts on Truth Social, part of the venture, Trump ranted about how great he thinks the platform is, attacking Democrats and other social media platforms that have banned him.
“I THINK TRUTH IS AMAZING! First of all, it is very solid, having over $200,000,000 in CASH and ZERO DEBT,” Trump posted Thursday morning. “More importantly, it is the primary way I get the word out and, for better or worse, people want to hear what I have to say, perhaps, according to experts, more than anyone else in the World.”
He went on to brag about his TV ratings, about how other social media platforms want him back, and how the “FAKE NEWS” shouldn’t be believed because, “They are all on TRUTH because the have to be [sic].”
The rant comes after two of Trump Media and Technology Group’s top investors pleaded guilty to insider trading on Wednesday, after they traded securities using private knowledge of a shell company that later merged with Trump’s company ahead of its initial public offering. That revelation came just days after Trump Media’s SEC filings were released, showing staggering losses of $58 million, with only $4.1 million in revenue, sending investors bailing.
As of this writing, TMTG’s stock is trading at $46.49, below its peak of $79.38 per share on March 26, the day of its IPO. Trump has to wait six months before he can cash in and start selling some of his 72 million shares, or get approval from the company’s board. He may decide to do that sooner as his legal bills pile up.