In recent news, the Nasdaq building in New York has been buzzing with attention as pedestrians pass by, noticing the decline in stock price for Trump Media’s Truth Social platform. On Friday, shares of owner Trump Media & Technology Group took a 9% hit, dropping to their lowest level since their public debut. This resulted in a loss of nearly $2 billion from former President Donald Trump’s stake in the company.
Trading began on the Nasdaq with Trump Media shares reaching a peak of $79.38. However, since the initial surge, the share price has plummeted by as much as 47% to a low of $41.90 by Friday. This resulted in a 25% loss in value for Trump’s stake, now worth about $3.3 billion compared to $4.9 billion just last week.
Recent financial disclosures by Trump Media showed a loss of $58 million last year on minimal revenue of $4.1 million. This raised concerns among experts who believe that the company is being overvalued. Billionaire Barry Diller, chairman of companies like Expedia and People Magazine owner IAC, stated that Trump Media is a “scam” and called those buying the stock “dopes.”
A spokesperson for Trump Media defended the company against critics, stating that Truth Social remains committed to not suppressing political expression that opposes certain narratives that some people may try to enforce. This dedication to free speech has drawn criticism from those who are against Trump and his ventures. Despite these challenges, Truth Social continues to work towards providing its users with a platform to express themselves freely and without fear of censorship or suppression.
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