Trump's Truth Social loses more than half its value as stock continues to tank

New York, New York - The stock for Donald Trump's Truth Social platform has continued to free fall and is now worth less than half its initial value.

The stock for Donald Trump's Truth Social reached an all-time low on Thursday morning, selling for less than half its initial value.
The stock for Donald Trump's Truth Social reached an all-time low on Thursday morning, selling for less than half its initial value.  © Collage: Screenshot / Robinhood & Nicholas Kamm / AFP

As of Thursday morning, shares for Trump Media & Technology Group, the platform's parent company trading under the ticker DJT, were selling for $32.69, a massive drop from the $70.90 price it was selling at when the stock went public on March 26.

According to CNBC, Trump's shares were worth around $2.7 billion when the market closed on Wednesday night, a notable difference from the $5 billion it was valued at just two weeks ago.

After the stock hit the market last month, it quickly rose by 60% at its peak, boosting Trump's net worth by $3 billion.

Senator Bob Menendez's trial begins with shocking allegations of rampant corruption
Politicians Senator Bob Menendez's trial begins with shocking allegations of rampant corruption

But its value has been spiraling downward ever since the company's March filing with the Securities and Exchange Commission went public, revealing they lost $58.2 million last year while only bringing in $4.1 million.

Trump supporters, despite warnings from financial experts that it was vastly overvalued, jumped on investing in the stock, as they were under the impression their money would go towards helping the former president as he battles 88 criminal charges and other legal issues while running for re-election.

The progressive activist group Left Action has launched a petition calling for an investigation into whether Trump intentionally withheld the company's 2023 loses to fool investors.

Cover photo: Collage: Screenshot / Robinhood & Nicholas Kamm / AFP

More on Donald Trump: