At Extreme Investor Network, we strive to provide our readers with unique and valuable insights into the world of finance. Today, we’re diving into the recent crash of Trump Media stock and the reactions from Truth Social users.
Since its public debut at the end of March, shares of Trump Media have taken a nosedive, plummeting more than 50% in just a few weeks. The stock dropped an additional 18% this week after insider shareholders were given the green light to potentially sell stock before the typical six-month lockup period. To add fuel to the fire, the company announced the launch of a streaming platform, causing shares to decline even further.
On the Truth Social platform, users known as “Truthsayers” have been buzzing about the stock’s sharp decline. Some users expressed shock and dismay, while others suggested conspiracy theories, claiming that short-sellers were manipulating the share price. Despite the negativity surrounding the stock, a few users remained optimistic, viewing buying Trump Media shares as a way to support Trump’s presidential campaign and promote uncensored free speech.
Former President Donald Trump, who owns a majority stake in Truth Social’s parent company, has staunchly defended the platform, touting its $200 million in cash on hand and lack of debt. He has also placed blame on the creators of Truth Social for the company’s recent struggles, filing a lawsuit against them for alleged incompetence.
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