Trump Insists Truth Social Shows ‘Love of our Country’ and Asks Fans to ‘Support’ It as Stock Price — and His Net Worth — Plummets
Former President Donald Trump insisted that Truth Social “Shows the Spirit and Love of Our Country” as the social media company’s stock price continued to plummet on Friday.
On March 26, Trump Media and Technology Company, the firm that owns Truth Social, went public. One day later, its stock price exceeded $66 per share (it had previously reached a high of nearly $80). Since then, however, the stock has lost more than half its value, standing at under $31 per share as of late Friday morning.
For Trump, who owns more than 78 million shares of stock in the company, the crash has significant personal financial implications as he continues to grapple with various legal costs and penalties.
Those implications were reflected in a statement he released on none other than Truth Social Friday morning in which he implored his political following to “support TRUTH.”
“I am so proud of Truth Social, because I believe it represents the Make America Great Again Movement, and it shows the Spirit and Love of our Country,” began Trump. “If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before, and a Real Voice is what our Country needs, because we are in decline, and must bring America to Greatness. Think of this as a Movement, the Greatest Movement in the History of our Country. We are going to Save our Country, and Make America Great Again, GREATER THAN EVER BEFORE!”
Trump founded Truth Social in 2022 after he was banned from Twitter and other social media platforms in the wake of his attempts to overturn the results of the 2020 presidential election, culminating in the violent riot at the Capitol on Jan. 6, 2021.
The former president has suffered numerous financial setbacks in recent years, with many of them resulting from the various criminal and civil proceedings against him.
An SEC filing released last week revealed that Truth Social pulled in just over $4 million in revenue and lost $58 million in 2023.
