Donald Trump's aides gathered at Mar-a-Lago on Wednesday evening to celebrate the public listing of his social media company, even as the company's shares continued to decline. Under the Palm Beach sky, right-wing radio host Sebastian Gorka Absorb As he smoked a cigar, actor Jon Voight posed for photos, and country singer-turned-Bible salesman Lee Greenwood belted out his hit song “God Bless the USA.” At the end of the song, he and the former president saluted.
In a speech, Trump encouraged investors to remain calm. “We have more than $200 million in cash, which is very liquid,” he said, according to a reporter. The broadcast network is on the right side In attendance.
On Trump's social networking site, Truth Social, the public mood is less enthusiastic. “Man, I really thought we were going to see a jump today. Especially after that party last night. There's always tomorrow,” one user lamented Thursday morning.
“Isn't it strange that the price is steadily falling every day? I haven't seen a green day in a while,” another asked.
Shares of Truth Social's parent company, Trump Media and Technology Group, have fallen more than 50% since late March, as the company's dire financial situation becomes clearer. Last year, it generated just $4.1 million in revenue and posted a loss of $58.2 million.
However, even after the decline, the business is still worth more than $4 billion on paper, a number that defies normal valuation metrics. Trump loyalists have helped keep the stock afloat as a way to support it financially, although TMTG remains heavily shorted by investors who believe its shares will continue to decline.
On Truth Social, retail investors encourage each other to keep the faith. “When the whole world is hellbent on destroying you with everything it has, it's a good sign that you're probably on the right side of things,” one person wrote on Thursday.
Another user sought to liken TMTG to high-growth tech companies: “I don't understand all the worry about this stock being down. All the big stocks were very low to begin with,” the person said. “It's been less than a month since this stock was actually in stock. I'm optimistic about [Truth Social] I will continue to hold on and keep buying when I can.
Other users speculated that the Mar-a-Lago event was evidence that the company is turning a corner. Why else would executives and VIPs gather for a loud party? “I think there is something coming very soon that they are all excited about. Something they have worked hard to achieve. A milestone for the team,” one believer wrote. “I hope we find out very soon.”
Trump owns a majority stake in Truth Social, although he is suing to gain more control. In a lawsuit filed last month, he said his co-founders — who were previously contestants on his reality show the Apprentice– They performed poorly in their duties and were not entitled to their 8.6 percent share.
Former partners Andy Letinsky and Wes Moss have filed a lawsuit Their lawsuit Alleging that the company tried to unfairly dilute its shares. They are also seeking to appeal the six-month lock-up ruling on the sale of their shares.
Some Truth Social users blame the mainstream press for “spreading lies” about the company, as one person put it. Despite nervousness about the stock's decline, many of them pledged to continue buying shares.
“I just sat down with my broker yesterday and asked him to convert $10,000 from my Roth IRA, which we've been sitting idle in as an extra 'emergency fund', into USD DJT shares!” one user announced excitedly. “This is the only time I wish the price would go down so I could get as many shares as possible!”
Another commented: “I won't be able to sleep tonight. If you do, I think you will be greatly rewarded. “I believe God directed me here.”
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”