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The share price of former president Donald Trump's Truth Social meme stock has plummeted to a new low after several key executives started offloading their holdings., setting a new record low since the company began trading after merging with a blank check acquisition company in March. Minutes after trading opened on Wednesday, it hit new lows again..
And that could be a make-or-break moment for Truth Social's parent company Trump Media. Trump owns 114 million shares — roughly 60 percent of the company's outstanding stock — so if he cashes out, it would be yet another major vote of no confidence.The company has burned through many millions of dollars in cash, despite only making a measly $4.1 million in all of 2023.
Even with shares sliding, the company is still being valued at billions of dollars, making it astronomically overvalued by any standard calculation. However, with executives — and possibly Trump himself — looking to jump ship, Trump Media could look like a very different company within just weeks. Given the broad failure of Truth Social to turn into any form of viable product — especially since Trump has taken up— the company was arguably never anything more than a thinly veiled attempt by Trump to raise some much-needed cash to cover lawsuit- and election campaign-related expenses.The Guy Who Wants to Be Trump’s Secretary of Health and Human Services Keeps Doing Weird Stuff With Animals
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