https://www.thedailybeast.com/truth-social-investors-try-to-keep-hope-alive-as-stock-tanksDonald Trump’s acolytes gathered at Mar-a-Lago on Wednesday evening to celebrate the public listing of his social media firm, even as the company’s stock continued to crater. Under the Palm Beach sky, right-wing radio host Sebastian Gorka sucked on a cigar, actor Jon Voight posed for photos, and country singer turned Bible salesman Lee Greenwood belted his runaway hit “God Bless the USA.” At the end of the song, he and the former president saluted.
In a speech, Trump encouraged investors to keep calm. “We have over $200 million dollars in cash, which is very liquid,” he said, according to a reporter from Right Side Broadcasting Network in attendance.
On Trump’s social media site, Truth Social, the mood is less ebullient. “Man I really thought we were gonna see a jump today. Especially after that party last night. There is always tomorrow,” one user lamented on Thursday morning.
“Doesn’t it seem strange that the price goes down steadily every day? Haven’t seen a green day for a while,” wondered another.
Shares of Truth Social’s parent company, Trump Media and Technology Group, have fallen more than 50 percent since late March, as the company’s dire financial position has become more clear. Last year, it brought in just $4.1 million in revenue and posted a $58.2 million loss.
Even after tanking, however, the business is still worth more than $4 billion on paper—a number that defies normal valuation metrics. Trump loyalists have helped keep the stock afloat as a way to financially support him, though TMTG remains heavily shorted by investors who believe its shares will continue to fall.
On Truth Social, retail investors are encouraging each other to keep the faith. “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,” one person wrote on Thursday.
