May 18, 2024

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Trump is trying to boost support for Truth Social as DJT stock repositories

Trump is trying to boost support for Truth Social as DJT stock repositories

“If people who believe in putting America first and want to make America great again stand for the truth,” Trump wrote.

“We will be your voice like never before, and a real voice is what our country needs, because we are in decline, and we must lead America to greatness,” he wrote.

It was not clear whether Trump was urging his supporters to use the app or buy shares in Trump Media, which began trading publicly on the Nasdaq last month.

The stock, which trades under the ticker DJT, rose more than 50% in its debut on March 26, but fell in subsequent trading days.

Trump Media's stock price fell below $30 on Friday, a decline of more than $40 from its roaring start. The index was down more than 4% on Friday as of 11:30 a.m. ET, after larger declines on Thursday and Wednesday. Shares are down 50% so far in April.

However, Trump is poised to reap a financial windfall from the company. Despite the declining stock price and lack of company revenue, Trump Media still boasts a market capitalization of over $4.2 billion.

Trump owns more than 57% of the company's shares, although he is prohibited from selling his stake until the end of the six-month lock-up period.

Trump Media's CEO, former Republican Rep. Devin Nunes, has bragged that the company is “in good shape” because it has no debt and has $200 million in cash on hand. In an interview with Fox News on Monday, Nunes noted that the company is considering adding video streaming capabilities to Truth Social and making it a hub for “canceled” channels and documentaries.

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Trump, the presumptive Republican presidential nominee, defended Truth Social against its critics earlier in April.

Neither Trump's posts nor Nunes' claims have succeeded in stopping the stock's decline yet.