Trump's Disastrous Truth Social Company Hits Rock Bottom With Lowest Stock Price Ever

"The company, which owns the president's struggling far-right social media platform, issued an alarming financial report earlier this month, revealing that it had lost a staggering $712.1 million last year - while earning a pitiful $3.7 million. The disastrous figures once again highlighted how the company, 52 percent of which is owned by Trump and which trades with a ticker of his initials DJT, has firmly cemented itself as a gauge of the president's popularity rather than as a viable business."

"A similar story is playing out at his social media company, with shares reaching an all-time low on Friday of $9.73. That's an enormous fall from the company's record high of just shy of $80 shortly after the company merged with a blank check acquisition company in March 2024, a move that allowed it to be publicly traded."

"In the process, numerous executives there have enriched themselves by selling their shares, mostly leaving the president's most fervent supporters holding the bag. In a desperate bid to keep itself alive, TMTG has attempted to reinvent itself several times, from a foray into cryptocurrency-based prediction markets and a purchase of $2 billion in Bitcoin to a December merger with fusion power company TAE."

Trump Media & Technology Group (TMTG), which owns Truth Social and is 52 percent owned by Trump, reported catastrophic financial losses of $712.1 million against minimal revenue of $3.7 million. The company's stock price has plummeted from nearly $80 following its March 2024 public merger to an all-time low of $9.73, tracking closely with Trump's fluctuating approval ratings. Executives have sold shares while retail investors absorbed losses. TMTG has attempted multiple reinventions including cryptocurrency ventures, a $2 billion Bitcoin purchase, and a December merger with fusion power company TAE to sustain operations, though these efforts have failed to stabilize the company's valuation.

Read at Futurism