Donald Trump no doubt had very high hopes for his plan to take his Truth Social platform public and allow regular Joe citizens to “invest” in stock of the company and, hopefully, make him rich as he struggles under the weight of endless legal fees, fines, and financial judgments that are quickly breaking the bank.
However, to no one’s surprise, it’s simply just not working out that way for the big guy.
Quite the opposite, in fact.
Not long ago, we reported that Trump’s move to take Trump Media and Technology Company, the firm that owns Truth Social, public was eerily similar to the same business moves he made that ultimately bankrupted his Trump Hotels and Casino Resorts in the early 2000s.
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Nevertheless, the scandal-plagued former president has become increasingly cash-strapped and desperate in recent months and there’s quite literally no financial schtick too insane for him at this point — from publicizing his media company to selling nonsense ranging from NFTs to gold Trump shoes to $60 “God Bless The USA” Bibles.
As noted by Mediaite, the Trump Media and Technology Company on March 26. The next day, stock prices in the company exceeded $66 per share, following its previous peak of just under $80. But that mild level of mediocre success was extremely short-lived, as the stock has only plummeted in the days since, losing upwards of half its value in just a matter of days, with the shares coming in at less than $31 a piece, as of late this morning.
Trump personally owns a whopping 78 million shares of stock in the company and the potential liquidity of those shares means more to him now than ever as he faces more personal financial struggles and implications than perhaps he ever has in his life.
As the stock prices crumble and the ex-president’s own personal net worth plummets with it, Trump has resorted to basically begging his fans to “support” the media company, dubbing Truth Social “the Greatest Movement in the History of our Country” as he pleaded with his base to help prop us his stocks and net worth when he needs it the most.
In a statement released, ironically enough, on his Truth Social account, the cash-strapped former president begged:
I am so proud of Truth Social, because I believe it represents the Make America Great Again Movement, and it shows the Spirit and Love of our Country. If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before, and a Real Voice is what our Country needs, because we are in decline, and must bring America to Greatness. Think of this as a Movement, the Greatest Movement in the History of our Country. We are going to Save our Country, and Make America Great Again, GREATER THAN EVER BEFORE!”
Trump founded Truth Social in 2022 after he found himself (then permanently) banned from his beloved Twitter and various other popular social media platforms over his behavior and rhetoric surrounding his attempts to overthrow the results of the 2020 presidential election, culminating in the infamous and deadly January 6th Capitol insurrection.
Since its founding, Trump has treated the social media platform as a makeshift nest egg to support his personal financial struggles that have resulted, in large part, from the variety of criminal and civil cases against him — some of which he has already lost and been ordered to pay out extremely large judgments.
Just recently, a new SEC filing was released to the public that painted an even more grim picture for the former president and his media company, as it showed that Trump’s Truth Social pulled in a slim $4 million in revenue in 2023 with a staggering loss of $58 million.
Featured image via screen capture
