On Friday, shares of Truth Social owner Trump Media & Technology Group fell by 9%, hitting their lowest level since the company went public last week. This selloff has resulted in a loss of nearly $2 billion from former President Donald Trump’s stake in the company this week. Financial disclosures show that Trump Media lost $58 million last year with minimal revenue of $4.1 million, raising concerns over the company’s valuation on Wall Street.
Former President Trump’s personal stake in the company now stands at around $3.3 billion, down from $4.9 billion just last week. Barry Diller, chairman of IAC, labeled Trump Media a “scam” on CNBC and criticized those investing in the stock. In response to criticism, a Trump Media spokesperson defended the company’s stance on free speech and accused detractors of being “die-hard Trump haters and leftwing flacks.” Despite the negativity surrounding the company, Trump Media continues to prioritize political expression and refuses to suppress viewpoints that contradict certain narratives.
