“If individuals who believe in prioritizing the interests of America and aspire to restore its greatness, support TRUTH,” expressed Trump.
“We will be a voice like never before, advocating for what our country truly needs. America is currently facing a decline, and it is our mission to bring it back to its greatness,” he emphasized.
It remains unclear whether Trump was encouraging his supporters to utilize the app or invest in shares of Trump Media, which recently began trading on the Nasdaq.
The stock, trading under the ticker DJT, experienced a surge of over 50% during its debut on March 26. However, it has since faced a decline in subsequent trading sessions.
On Friday morning, the share price of Trump Media dropped below $30, marking a significant decline of over $40 from its impressive start. Although it managed to recover slightly by the end of the trading day with a 0.6% increase, it could not make up for the nearly 20% decline experienced throughout the week. As of April, the shares have plummeted by almost 50%.
Despite the decline in the stock price and the company’s lack of revenue, Trump is still expected to benefit financially from the company. As of Friday, Trump Media had a market capitalization of over $4.2 billion.
According to reports, Donald Trump currently holds more than 57% of the company’s stock. However, due to a lockout period, he is currently unable to sell his stake.
According to former Republican Rep. Devin Nunes, the CEO of Trump Media, the company is in a strong financial position with no debt and $200 million in cash. Nunes mentioned in a recent Fox News interview that they are contemplating the idea of incorporating video streaming features into Truth Social. Moreover, he expressed interest in transforming the platform into a central hub for “canceled” channels and documentaries.
In April, Donald Trump, the expected Republican presidential nominee, came to the defense of Truth Social amid criticism.
The stock’s slide continues despite Trump’s posts and Nunes’ claims.