Donald Trump urged his followers on Friday to support his social media app Truth Social as its parent company’s shares continue to decline.
Trump said in a post on that app that he believes Truth Social embodies the political “movement” behind his campaign slogan “Make America Great Again,” adding that “it shows the spirit and love of our country.” .
“When people who believe in putting America first and want to make America great again support 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 must lead America to greatness,” he wrote.
It wasn’t clear whether Trump urged his followers to use the app or buy stocks Trump Media & Technology Groupwhich began publicly trading on Nasdaq last month.
The stock, which trades under the ticker symbol DJT, shot up more than 50% in its debut on March 26 but fell lower in subsequent trading days.
Trump Media’s stock price fell below $30 on Friday, down more than $40 from its stellar start. It fell more than 4% on Friday (as of 11:30 a.m. ET), following even larger declines on Thursday and Wednesday. Shares are down 50% so far in April.
Still, Trump is poised to reap financial rewards from the venture. Despite the decline in stock price and the company’s lack of revenue, Trump Media still managed to boast a market capitalization of more than $4.2 billion.
Trump owns more than 57% of the company’s shares, although he is barred from selling his shares until the end of a six-month lock-up period.
Trump Media’s CEO, former Republican Rep. Devin Nunes, has boasted that the company is “well positioned” because it has no debt and $200 million in cash. Nunes suggested in an interview with Fox News on Monday that the company is considering adding video streaming capabilities to Truth Social and making it a hub for “canceled” channels and documentaries.
Trump, the presumptive Republican presidential nominee, defended Truth Social from his critics in early April.
Neither Trump’s posts nor Nunes’ claims have been able to halt the stock’s decline so far.
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2024-04-12 16:50:08
www.cnbc.com
