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Sharing Isn’t Caring
Donald Trump’s ailing Truth Social is once again crashing to an all-time low — and the timing doesn’t seem at all coincidental.
Over the last 24 hours alone, share prices for Truth Social, which trades under the ticker DJT, have plummeted by nearly 8 percent to just $16, the same all-time low it hit earlier this month.
The effect looks even worse the further out you zoom out too, showing how the stock that once sold for an expert-defying $78 is now rapidly approaching rock bottom.
While there have been plenty of drops in share price in its short history, two major events related to Trump’s campaign — his second brush with a would-be assassin and the launch of his weird new crypto project, which is probably a scam — seem hard to untangle from this latest decline. Oh, and later this week the mercurial political figure will finally be free to sell his own shares.
Pumped and Dumped
Though shares had already begun falling Monday in the aftermath of Trump’s second potential attacker being detained and arrested, they continued to do so into Tuesday amid news of the shady new crypto project he’s calling “World Liberty Financial.”
As CNN notes, experts often compare DJT to a so-called “meme stock” because it seems to trade in tandem with hype cycles rather than anything substantial like core values or business fundamentals. If that’s true, you can see why the former president hyping up yet another tech project would sandbag the last one.
Indeed, investors in the social network have suggested in media reports that they didn’t buy it expecting a return, but instead did so to express confidence in the former and potential president.
“I did it more as a statement to President Trump and to show support at the time,” Teri Lynn Roberson, a DJT shareholder, told ABC News last month. “I wasn’t really looking to make a lot of money.”
At this point, it seems nearly a foregone conclusion that most Truth Social stockholders, including potentially the ex-prez himself, are going to sell it at a grim loss.
And while stock markets can’t entirely replace pollsters, the fact that one of the presidential candidates is the owner of a company getting battered in the NASDAQ probably doesn’t bode well for his chances in the election.
More on Trump ventures: Trump’s New Crypto Project Is a Type Linked to Organized Crime and Terrorism
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