WEST PALM BEACH, FLORIDA – Supporters of former President Donald Trump gathered at Mar-a-Lago to celebrate the public listing of his social media company, despite a continuous decline in the company’s stock value. The event featured right-wing figures like radio host Sebastian Gorka, actor Jon Voight, and country singer Lee Greenwood.
During the gathering, Trump assured investors to remain calm, pointing out the company’s substantial amount of cash reserves. However, the atmosphere on Trump’s social media platform, Truth Social, was less optimistic, with users expressing disappointment over the stock performance.
Since late March, shares of Trump Media and Technology Group, the parent company of Truth Social, have plummeted by over 50 percent. The company’s grim financial situation has been revealed, with meager revenue and significant losses reported last year.
Despite the drop in stock value, the company is still evaluated at over $4 billion, a figure that surpasses traditional valuation standards. Trump loyalists have been instrumental in maintaining the company’s stock value as a way to support Trump financially.
On Truth Social, retail investors are encouraging each other to remain confident in the company’s future. Some users believe that the recent Mar-a-Lago event signifies a turning point for the company, while others compare the situation to the early stages of high-growth tech companies.
Trump, who owns a majority of Truth Social’s shares, is currently involved in legal battles to gain more control over the company. He has sued his co-founders, alleging underperformance and seeking to increase his stake in the company.
Amid concerns about the company’s stock decline, Truth Social users are critical of mainstream media for spreading misinformation, pledging to continue buying shares. Some users are eagerly investing more in the company, expressing unwavering faith in the potential success of Truth Social.