Trump’s Truth Media stock price is now down more than 50%, still declining since he was convicted of 34 felonies.
Trump’s stock has been falling since his conviction. “Donald Trump Media’s stock has lost nearly 40% in value since the former president was convicted last month of hush-money payments. Trump Media Technology Group’s The stock price, which has been on a roller-coaster ride since it began trading earlier this year, closed at $34.64 a share on Monday, a sharp drop from $51.84 on May 30, when Trump was found guilty on 34 counts of falsifying business records. , the charges relate to hush money payments allegedly made to adult film actor Stormy Daniels ahead of the 2016 presidential election.
As dire as things are for the stock, the losses have worsened as of press time today. Shares of Trump Media are down another 12% so far, to nearly $30 per share.
Trump and company CEO Devin Nunes have blamed short sellers for the plunge, but this isn’t the first time Truth Media has plummeted. Investors fled the stock after it emerged that the company had lost hundreds of millions of dollars and had essentially no revenue.
Trump’s political supporters have been buying the stock as a way to “own your freedom” and support the former president. However, those who bought the stock at its peak have lost more than half their investment, and the stock price shows no signs of stabilizing in the near future.
It’s important to remember that Truth Media is a company with no actual product. The company currently doesn’t produce anything and doesn’t generate much revenue. Truth Medea appears to be a mechanism for Donald Trump to profit from his supporters.
Like so many things related to Trump, this stock is an illusion. It’s based on a myth and expects Donald Trump supporters to pay because it has his name on it.
Trump has found a new way to fool his fans, and it seems only a matter of time before angry investor complaints to the Securities and Exchange Commission translate into legal action and lawsuits.
