Trump Media & Technology Group, the business that owns Truth Social, saw its shares plunge 12% on Friday, reaching their lowest point since the company went public last week.
This week’s selloff reduced former President Donald Trump’s ownership share in the company by around $2 billion.
The estimated value of Trump’s investment in the business is $3.2 billion. Compared to the end of last week, that was $4.9 billion less.
Trump Media just revealed that, on a highly meager revenue of only $4.1 million, it lost $58 million last year. The financial results support the worries expressed by certain specialists who believe Wall Street has placed a significantly high value on the company.
The billionaire head of IAC, which owns People Magazine and Expedia, Barry Diller, claimed on Thursday on CNBC that Trump Media is a “scam” and that investors are “dopes” for purchasing the stock. It’s absurd,” Diller remarked on CNBC. “The business generates no revenue.”
A Trump Media representative attacked the company’s detractors. It is hardly shocking to witness ardent Trump detractors and left-wing flacks lose their minds.
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