Former President Donald Trump is calling on his supporters to get behind his new social media platform, Truth Social, as the parent company’s stock continues to decline. In a post on the app, Trump praised Truth Social as embodying the same spirit as his “Make America Great Again” campaign. He urged those who believe in putting America first to support Truth Social, which he believes will be a strong voice for the country.
The stock for Trump Media, the parent company of Truth Social, started strong with a more than 50% increase on its first day of trading, but has since plummeted. Trump’s post on the app did not specify if he was encouraging supporters to use the app or to invest in Trump Media. Despite the stock’s decline, Trump stands to benefit financially as he owns over 57% of the company’s stock, although he cannot sell it until a six-month lockout period expires.
Former Republican Rep. Devin Nunes, the CEO of Trump Media, remains optimistic about the company’s future, pointing out that it has no debt and $200 million in cash reserves. Nunes has suggested that Truth Social may expand to include video streaming capabilities and serve as a platform for “canceled” channels and documentaries. Despite his claims, the stock price continues to drop, down over 50% so far in April.
Trump’s defense of Truth Social in the face of criticism has not been enough to halt the stock’s downward spiral. The company’s market capitalization remains over $4.2 billion, despite the lack of revenue and stock value decline. Trump’s message to his followers on the app emphasizes the need for a “real voice” to bring America back to greatness, aligning with his political message and campaign slogan.
As Trump encourages his supporters to back Truth Social, the stock continues to struggle, with a price below $30 as of the latest trading. Despite the challenges facing the company and the uncertainty surrounding its future, Trump remains committed to the platform and believes it can be a powerful tool for those who share his vision for America. With the ongoing support of his followers, Trump hopes to steer Truth Social towards success and establish it as a voice for those who believe in putting America first.
