Stock Continues to Plummet as Donald Trump’s Social Media Firm Celebrates Public Listing at Mar-a-Lago

Donald Trump’s Social Media Firm Celebrates Public Listing amid Stock Plunge

Mar-a-Lago, the opulent Florida estate owned by former president Donald Trump, set the stage for a festive gathering on Wednesday evening as Trump’s ardent supporters congregated to commemorate the public listing of his social media venture. While the celebration unfolded under the beautiful Palm Beach sky, the company’s stock value continued its downward spiral. With right-wing radio host Sebastian Gorka puffing a cigar, actor Jon Voight posing for photos, and country singer turned Bible salesman Lee Greenwood serenading the crowd with his hit song “God Bless the USA,” the event exuded a sense of jubilation. Momentarily, Trump and Greenwood shared a salute.

Trump Seeks to Assuage Worries

During the gathering, Trump addressed the investors and encouraged them to remain composed. “We have over $200 million dollars in cash, which is very liquid,” he reassured, as reported by Right Side Broadcasting Network, which had a reporter in attendance.

However, on Trump’s social media platform, Truth Social, the atmosphere is far more somber. One user, disheartened by the company’s stock decline, lamented on Thursday morning, “Man, I really thought we were gonna see a jump today. Especially after that party last night. There is always tomorrow.”

Another user shared a similar sentiment, questioning the continuous decline in stock price. “Doesn’t it seem strange that the price goes down steadily every day? Haven’t seen a green day for a while,” they pondered.

Tumultuous Times for Truth Social’s Parent Company

Truth Social’s parent company, Trump Media and Technology Group, is grappling with significant financial challenges. Since late March, shares of the company have plummeted by over 50 percent, as its precarious financial situation emerges. In the previous year, the company generated a mere $4.1 million in revenue, coupled with a substantial loss of $58.2 million.

Nevertheless, despite its decline, the company still boasts a paper valuation of more than $4 billion, an astonishing figure that defies conventional valuation metrics. It appears that the unwavering support of dieted-in-the-wool Trump loyalists has helped in preserving the company’s stock. However, TMTG remains a target of short-sellers, who anticipate the continuation of its declination.

Renewed Faith and High Hopes

On Truth Social, retail investors share words of encouragement and advocate for perseverance. One user expressed, “When the whole world is set on ruining you with everything that they have got, it’s a good sign that you are likely on the right side of things.” Others have likened Truth Social to other successful tech companies, believing that, despite recent setbacks, it will regain its footing. “We are less than a month into this being an actual stock. I am optimistic about [Truth Social] and will continue to hold and keep buying when I can,” one optimistic user declared.

Amidst the uncertainty, several users speculated that the extravagant Mar-a-Lago event heralded a turning point for the company. Their assumptions rested on the belief that such a celebration, attended by key executives and influential figures, is indicative of forthcoming positive developments. One user wrote, “I think there is something coming very soon, and they are all excited about it. Something they worked very hard to make happen. A milestone for the team. I hope we find out very soon.”

Abundant Lawsuits and Ownership Disputes

As the saga unfolds, Trump takes center stage as the majority owner of Truth Social. Nevertheless, lawsuits have erupted to contest this ownership stance. Trump, in a recent lawsuit, claims that his two co-founders, former contestants of his reality show “The Apprentice,” failed to meet expectations and thus do not deserve their 8.6 percent stake in the company.

In response, the co-founders, Andy Litinsky and Wes Moss, have filed their own lawsuit alleging an unfair dilution of their ownership shares. Furthermore, they seek to challenge the provision that locks their shares for six months, effectively preventing them from selling their stakes.

Blaming the Mainstream Media and Holding Tight

As doubts swirl and the value of Truth Social’s stock experiences a steady decline, some users on the platform accuse the mainstream press of spreading falsehoods about the company. Undeterred, many of these users have pledged to continue purchasing shares, reflecting their unwavering trust. “Just sat down with my broker yesterday and am having him move $10,000 of my Roth IRA, that we had sitting idle for kind of an extra ’emergency fund,’ into $DJT stocks!” expressed one enthusiastic user. “This is the only time I would hope for the price to drop so I can get as many shares as possible!”

Others demonstrate their resolute support, fueled by faith and a higher purpose. “Not going to be able to sleep tonight. If you stick it out, I believe you will be rewarded greatly. I believe God directed me here,” remarked another user.

In the face of adversity, only time will truly reveal the fate that awaits Truth Social and its journey in a highly competitive market.