Truth Social is tanking because it is essentially a meme stock. The stock price is unconnected to the firm's financial reality. In Q1 2024, Truth Social lost $327 million on revenues of only $770,500—a far cry from the stock price that hit nearly $80.
Trump Media & Technology Group was expected to provide a massive payday for Trump, but with the current share price at $19.60, his potential payout has diminished significantly.
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