Trump takes huge hit as Truth Social stock plummets
New York, New York - Donald Trump's week got off to a rocky start after stock in his Truth Social platform plummeted.
According to CNBC, the share price for Trump Media & Technology Group dropped more than 25% on Monday.
The drop came after the company's March filing with the Securities and Exchange Commission revealed that they lost $58.2 million last year while only bringing in $4.1 million.
"TMTG expects to incur operating losses for the foreseeable future," the filing adds.
The company recently completed its merger with the shell company Digital World Acquisition, allowing Truth Social to begin trading on the stock market under the symbol DJT.
The stock quickly rose almost 60% at its peak after going public.
Why has Donald Trump's Truth Social stock declined?
Its initial boom was attributed to it becoming a "meme" stock, which is a stock that sees a rapid rise in popularity because of social media.
Trump supporters quickly jumped on investing in the stock, as they were under the impression that their money would go towards helping the former president, who owns 57.3% of Trump Media shares, amid his battles against 88 criminal charges and other legal issues while running for re-election.
While the stock has helped raise Trump's net worth literally overnight, he won't be able to cash in on the stock until six months after it began trading.
Cover photo: Collage: IMAGO / NurPhoto, Screenshot / X / @mmpadellan, & Nicholas Kamm / AFP