The former president and convicted rapist's net worth fell by more than $1 billion on Monday when his social media company's value plunged by 21.5%.
Apparently, some investors were shaken by the news that Trump's social media company - Truth Social - lost nearly $58.2 million in 2023. Investors probably weren't thrilled when the company accountant issued a warning that its losses "raise substantial doubt about its ability to continue as a going concern."
Industry analysts have compared the fervor around Trump Media to the meme stock craze. In essence, bad things are going to happen down the road.
Shares of Trump Media & Technology Group, whose primary asset is the Truth Social platform, tumbled $13.30, or 21% to $48.66 on Monday.
Thats below its opening price last Monday of $49.90 per share and represents a 39% plunge from the stock's high of $79.28 on March 26.
Trump who owns 57% of the newly public company has been watching his stock slide as he's lost $2.5 billion (on paper) thus far.
As bad as Trump needs money right now he can't even access his sliding stock. At least for now. There's a "lock-up" provision that bars Trump from selling the stock for six months as a way to keep insiders from dumping shares immediately.
Don't be surprised if Trump weasels his way around the provision gaining access sooner than the required six months. But what will it be worth by then?
Like everything that Trump gets his tiny hands on this latest attempt to add to his wealth is going to end in failure - for him and the idiots who bought it thinking he's a good businessman - despite his history of bankruptcies and cheating charities.
As it Stands, regardless of what happens to his new stock, Trump will continue grifting his cult members in a never-ending quest for money.
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