Stable Genius Trump Tanks His Own Media Company After Posting on X
Donald Trump’s social media network is losing money just as the former president and convicted felon has resumed posting on X (formerly Twitter).
Trump Media & Technology shares dropped to $24.60, their lowest price level in months, after Trump posted on X early Monday for the first time in more than a year. Shares may drop even further as Trump is supposed to sit down for an interview with X CEO Elon Musk Monday night.
The plummeting stock comes after many investors bought shares in the media company hoping for a boost during the 2024 election, with a possible Trump victory netting an even higher increase. Trump Media reported a loss of $16 million in its first full quarter as a publicly traded company Friday, earning just $836,900 for the period ending June 30.
It’s the latest run of bad news for Truth Social, which is rapidly losing users. It was expected to be an easy money grab for Trump, who owns 60 percent of the company. But even the company’s net loss of $58.2 million in 2023 had to be reaudited after its accounting firm was charged with “massive fraud.” At the very least, Trump Media’s meager numbers last quarter were a huge improvement from the previous one, when it lost an astonishing $327.6 million and only brought in $770,500 in revenue.
Trump is stuck with his company’s stock for just one more month, when he is legally allowed to sell his shares without board approval. He can’t try to increase the share price by bragging, as he did with his real estate properties, because that would be illegal. Even though the Supreme Court gave him a break with its immunity ruling, he still needs cash to pay his mounting legal bills. It’s only a matter of time before September arrives and Trump dumps his stock. The question is, how low will the share price be?
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