Trump’s Truth Media stock is now down more than 50% and still sliding since he was convicted of 34 felonies.
Trump’s stock has been declining since his felony conviction, “Shares in Donald Trump’s media company have dropped in value by almost 40 percent since the former president’s hush money conviction last month. The price of Trump Media & Technology Group stock, which has been on something of a rollercoaster ride since it began trading earlier this year, closed Monday at $34.64 per share. This is a big drop from $51.84 on May 30, when Trump was found guilty on 34 counts of falsifying business records related to a hush money payment allegedly made to adult film actor Stormy Daniels ahead of the 2016 presidential election.”
As bad as things have been for the stock, the slide worsened as of publication time today. So far, shares of Trump Media are down another 12% to nearly $30 a share.
Trump and company CEO Devin Nunes are blaming short sellers for the stock’s plunge, but this isn’t the first plunge for Truth Media. Investors fled from the stock after it was revealed that the company lost hundreds of millions of dollars and basically had no revenue.
Trump’s political supporters have been buying the stock as a way to “own the libs” and support the ex-president. However, those who bought the stock at its highest points have lost more than half of their investment already, and the stock price shows no sign of consistency in the immediate future.
It is important to remember that Truth Media is a company without an actual product. The company doesn’t produce anything or currently generate much revenue. Truth Medeia seems like a mechanism for Donald Trump to cash in on his supporters.
Like many things associated with Trump, the stock is an illusion. It is based on a myth and is counting on Donald Trump’s supporters to pay up because it has his name on it.
Trump has found a new way to fool his fans, and it seems only a matter of time before angry investor complaints to the SEC turn into legal action and lawsuits.
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