'He's lost billions': CNN host astonished as investors keep pummeling Truth Social
Share prices in Truth Social's parent company have been taking another beating this week, and CNN's John Berman found himself astonished at just how much the stock has tanked in such a short time.
In discussing the massive slide in Trump Media and Technology's share value, Berman noted that shares are now down more than 70 percent from their all-time high just weeks ago.
"Those numbers [are] not generally good when you're dealing with the stock market," Berman remarked.
CNN Media correspondent Hadas Gold explained that shares in Trump Media have plummeted as investors have come to believe that it's a "meme stock" that doesn't have "much value" to it given its paltry revenue generation.
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Gold then explained why Trump Media's announcement that it was investing in video streaming caused share prices to plunge even further this week.
"How will this streaming service work?" she asked. "It costs a lot of money. It takes a lot of work to make a streaming service successful. Think about Disney: Disney has a streaming service and it has a goldmine of content, and even they are not profitable yet. So I don't understand exactly how this streaming service, where we don't even know who will be on it, how it's going to make money."
Gold then emphasized that the plunge in Trump Media shares were hurting the former president directly.
"Keep in mind that Trump, he's the majority stockholder in this," she said. "He has 60 percent stake in the company. So this drop is actually affecting his own personal net worth."
"On paper, at least, he's lost billions since the high on March 26," said Berman. "It continues to drop in the market."
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Trump has lost 'billions' on Truth Social stock www.youtube.com