As the former president posts and posts, his social-media site is losing value. This reflects his standing in the polls against Kamala Harris who has been leading in 5 swing states and who promised Americans a future that neither Trump nor Joe Biden could deliver, showing how profoundly she has changed the 2024 election.
Chicago: While the Democrats have been rallying their supporters in Chicago, Donald Trump has been posting. On his social-media site, Truth Social, he made anti-Semitic remarks about Pennsylvania Governor Josh Shapiro and falsely accused the Democrats of orchestrating a coup. He posted dozens of times during the proceedings Tuesday evening. And he’s just getting started: Trump announced to his followers that he would be doing a “LIVE PLAY BY PLAY” on Truth Social tonight of Kamala Harris’s speech. But Trump’s prolific usage of his own social-media platform belies its limitations. With reportedly meager user numbers in the single millions, Trump’s Truth Social posts reach primarily an audience of his staunchest loyalists.
About a year after being kicked off of every major social-media platform following the January 6 insurrection, Trump launched Truth Social, and for a while, he focused his posting energy exclusively on the platform. The company’s financials have been turbulent since it went public, in March. By the end of its first day of trading, stock of DJT—the ticker symbol that represents Truth Social’s parent company, Trump Media —was worth about $8 billion, and its value has fluctuated wildly ever since. The stock has lost almost half of its value since mid-July, and earlier this week, it dipped to its lowest point since the company debuted on the exchanges. On Thursday it closed at $22.70 down from its hight at 79.38 of last March.
Experts have said the stock is overvalued by conventional Wall Street standards compared with other social media companies.
In May, Trump Media reported a net loss of $327.6 million in the first quarter of 2024 and brought in $770,500 in revenue, according to a filing. In August, the company reported more than $16 million in losses and less than $1 million in revenue in the second financial quarter. Regulatory filings show the company was operating at a loss in 2023, making about $4 million in revenue while losing more than $58 million.
The Atlantic USA Today
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