“Sick of MY investment money being stolen!!”
The Decline
Investors who poured their hard-earned cash into former president Donald Trump’s Truth Social meme stock — while ignoring an astronomical number of red flags — are experiencing a rude awakening.
As the Washington Post reports, Trump supporters are seething as the value of the social media platform’s parent company Trump Media & Technology Group (TMTG) continues to plummet (it’s fallen an astonishing 16 percent just since markets opened this morning.)
“Sick of MY investment money being stolen!!” one user wrote in a Truth Social post, as quoted by WaPo, accusing Wall Street of unfairly shorting the stock. “They’re stealing peoples [sic] money and you’re allowing it!!”
Scamtown
Ever since the company merged with a blank check acquisition company, effectively allowing the far-right social media platform to be publicly traded, shares have been in freefall, wiping out any initial gains.
The latest plunge comes after TMTG announced it was planning to issue millions of additional shares.
As of this morning, shares have fallen well below $30, significantly less than what they were worth at the time of TMTG’s merger and well under half what it was worth just two weeks ago.
Analysts have been shouting from the rooftops that Trump’s cash grab was nothing more than a “scam” and that investors should stay far away. Yet plenty of the former president’s most diehard fans have yet to be dissuaded.
“I know good and well it’s in Trump’s hands, and he’s got plans,” 71-year-old Oklahoma City native Jerry McClain, who invested in the stock, told WaPo. “I have no doubt it’s going to explode sometime.”
MAGA Forever
In reality, TMTG’s executives are already locking down millions of dollars in payouts, leaving investors out to dry.
Bafflingly, some investors have made their peace with that, highlighting the fervor and fanaticism of Trump’s most ardent supporters. To them, it’s not about the money — it’s about showing that they care by making a disastrous investment.
“If I lose it, fine. If I make a profit, wonderful,” prominent conservative commentator Carol Swain, who put in $1,000, told WaPo. “But at the end of the day, I wanted to show my support.”
“There’s such an effort to destroy him and strip his wealth away, and so much glee about it,” she added. “I would like to see him be a winner.”
More on the shares: Trump’s “Truth Social” Stock Has Crashed So Hard It’s Worth Less Than Half of What It Was Two Weeks Ago
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