Trump’s Failing Stock Just Hit Its Lowest Point Yet
Trump Media & Technology Group stock dropped to its lowest price yet Friday, the first day Donald Trump is allowed to sell his shares in the social media venture.
Shares dropped more than 7 percent to $13.68 per share, putting the value of the company at $2.74 billion. It’s a far cry from when the stock price peaked at nearly $80 per share in March after its initial public offering.
Trump owns 115 million shares of TMTG, about 57 percent of the company, and the stock seems to fluctuate based on public sentiment toward the former president and convicted felon. His poor debate performance against Kamala Harris last week caused a steep drop in the stock price, and the stock also took a hit last month when Trump posted on X (formerly Twitter) after a long hiatus.
Until Friday, the Republican presidential nominee wasn’t allowed to sell any of his shares unless he had permission from the company’s board of directors. Last week, he promised that he wouldn’t immediately sell his shares, giving the stock a slight bump. But that was quickly erased after the debate and with Friday’s arrival.
Now what was once a sure cash cow for Trump has lost most of its value, and the former president must be tempted to squeeze whatever profit he can out of it. He has unpaid bills, legal fees, and a massive fraud judgment against him in New York, where the state might seize his assets. He has resorted to absurd moneymaking schemes such as selling NFT trading cards, his own branded Bibles, his own cryptocurrency scam, and assassination-themed sneakers.
The moment he decides to sell his stock, though, investors’ confidence will plummet and the stock will hit the floor, and that might be the end of Truth Social. The question is what Trump loves more: a quick and easy profit, or his own branded social network.