Yahoo Finance Trump Media's Stock Is Rapidly Approaching an All-Time Low
Celebrity Wipeout
Former president Donald Trump's meme stock is plummeting once again — and at this rate, it might just beat its own all-time low.
The share price of Truth Social owner Trump Media & Technology Group (TMTG) slid by more than 17 percent in after-hours trading on Tuesday, showing that investors were wary of additional shares being approved for resale by the Securities and Exchange Commission and possibly diluting their holdings — and more generally that there's just not a very strong business case for the outfit's once-soaring share price.
The company is hoping to get roughly $247 million in proceeds from the resale, allegedly enabling it to pursue a TV streaming app — a puzzling product that'll face heavy competition, especially with the site's limited userbase.
Shares had begun their renewed decline following Trump being found guilty on all 34 felony counts in his hush money trial last month, falling by upwards of 40 percent since then.
Over the last couple of months, the meme stock has been on a rollercoaster ride, swinging from a record high of almost $80 in March — shortly after merging with a blank check acquisition company — to a record low in mid-April of just $22.84.
And given the latest trend, Trump's social media scheme could soon beat that floor record, hovering at just around $28 at press time and hitting lows of just $26 the same morning, for an overall 30 percent slump in just five days.
Low Country
Beyond having practically no feasible product and being astronomically overvalued, TMTG has struggled to reassure investors, admitting it couldn't force Trump to prioritize his own social media platform Truth Social when posting, as USA Today reports.
Meanwhile, more troubling stories about the former president are coming to light. Earlier this week, former chief medical adviser Anthony Fauci revealed that Trump called the current president "that fucker Biden" during a phone call, promising to "kick his fucking ass" in the days leading up to the 2020 election, as detailed in his upcoming book.
Trump's Truth Social bet is still worth a whopping $5.5 billion, an extraordinary valuation for a company that lost more than $300 million last quarter.
The company's failure so far has seemingly done little to deter Trump's fans, who are eager to support his bottom line and reelection bid at all costs.
In short, it's impossible to predict where the meme stock will go next. But given the latest news, Trump's fundraising bid on the open market isn't going well, with the former president losing $267 million from his declining shares over this past weekend alone.
More on Truth Social: Trump's "Truth Social" Stock Is Crashing Again
