'Very good for a startup': Trump scrambles to prop up Truth Social after stock stumbles
As a rough week for Trump Media & Technology Group stock continued after going public, Donald Trump defended the company on Truth Social — its central product — claiming all is well despite a recent report that it makes no money.
Stock in the company took a big hit after an auditor questioned the long-term viability of the social media platform that has little in the way of advertising dollars coming in and has analysts questioning its overall value.
With Fortune reporting, "Trump Media’s shares soared in their first couple days of trading — surpassing $79 at one point Tuesday — but have since fallen closer to their initial offering price of $49.95. As of midday Monday, Trump Media’s stock plunged more than 23% to below $48, meaning a lot of early investors are taking a hit," Trump fired back early Thursday morning.
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"All of the competitors to TRUTH SOCIAL, especially those in the Radical Left Democrats Party who are failing at every level, like to use their vaunted 'disinformation machine' to try and convince people, and it is not easy to do, that TRUTH is not such a big deal and doesn’t “get the word out” as well as various others, which they know to be false. I THINK TRUTH IS AMAZING!' he wrote before adding, "First of all, it is very solid, having over $200,000,000 in CASH and ZERO DEBT."
According to the former president, the main reason it is a valuable property is because he is central to its success.
"More importantly, it is the primary way I get the word out and, for better or worse, people want to hear what I have to say, perhaps, according to experts, more than anyone else in the World. My TV ratings are by far the highest, and my Rallies are not equaled, even close, anywhere or by anyone. Look, I had hundreds of millions of followers on various platforms, and could have them back again, but was cancelled for largely political reasons. Those platforms all want me back…They need me back! On Truth I have 7,000,000 followers……" he wrote.
In a secondary post he added, "Very good for a startup, and growing fast. But when I put out a statement or message, it is SPREAD all over the place, fast and furious. EVERYBODY SEEMS TO GET WHATEVER I HAVE TO SAY, AND QUICKLY. At press conferences I will sometimes ask, 'who is on TRUTH.' I have never had one reporter tell me they are not. They are all on TRUTH because the have to be."
"So don’t believe the FAKE NEWS. Until I came along and exposed them, they were respected and believed. Now they are the exact opposite. With the Russia, Russia, Russia HOAX. and all of the others, people get it," he continued. "Look, using TRUTH, I became the Republican Nominee for President of the United States, and in record time! When I ENDORSE a politician on TRUTH, they almost ALWAYS WIN. If it didn’t work, or properly get the word out, I wouldn’t use it - But it does work, and work really well - And the fun is just getting started!!!"