Trump fans who bought the high have now lost half their money.
What Comes Up
Former president Donald Trump’s big bet on the stock market is still in freefall.
Even weeks after Truth Social owner Trump Media & Technology Group (TMTG) merged with a blank check acquisition company, effectively allowing the far-right social media platform to be publicly traded, shares are still plummeting.
Shares are now hovering just above $32 — below half of what they were worth a mere two weeks ago, in the immediate aftermath of the merger when they experienced a brief spike.
That means eager early investors have lost half their money — while the company’s executives are lining their pockets and laughing all the way to the bank.
Stock Marks
To be clear, analysts fully expected the shoe to drop as TMTG shares soared following the merger.
Given the cratering shares, the value of Trump’s personal stake of 78.8 million shares has dropped, wiping out over a billion dollars of his net worth.
The reason for the latest precipitous drop could have something to do with the inner turmoil rocking Trump Media. On Thursday, news emerged that Patric Orlando, the former CEO of Digital World Acquisition, the blank check company that merged with TMTG last month, is suing his successor, alleging that he hacked him and staged an “audacious scheme to seize control.”
Earlier this week, two Florida brothers also pleaded guilty to being involved in a $23 million insider-trading scheme leading up to TMTG’s merger.
In short, it’s no wonder that analysts have long advised investors to stay away from Trump’s meme stock based on that chaos alone.
Documents have already revealed that Truth Social made a measly $4.1 million in revenue for all of 2023, despite having lost more than $58 million over the same period.
Other experts have accused Trump of running a get-rich-quick scheme, with the company’s executives lining their pockets while fans foolhardy enough to invest saw their holdings wiped out.
In other words, Trump is still having the last laugh for the time being.
More on the merger: Trump Is Making a Fortune Off His “Truth Social” Disaster While Investors Are Losing Their Shirts
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