Donald Trumpmembers gathered at Mar-a-Lago on Wednesday night to celebrate the public listing of his social media company, even as the company's stock continued to decline. Under the Palm Beach sky, right-wing radio host Sebastian Gorka suck Over a cigar, actor Jon Voight posed for photos and a country singer became a Bible salesman Lee Greenwood sings a cover of the smash hit “God Bless the USA.” At the end of the song, he and the former president greeted each other.
During the speech, Trump encouraged investors to stay calm. “We have over $200 million in cash, which is very liquid,” he said. Radio network on the right attended.
On Trump's Truth Social social media site, the mood was less buoyant. “Man, I really thought we were going to take a leap today. Especially after last night's party. There is always tomorrow,” one user lamented on Thursday morning.
“It seems strange that the price drops steadily every day, doesn't it? Haven't seen a green day in a long time,” another person wondered.
Shares of Truth Social's parent company, Trump Media and Technology Group, have fallen more than 50% since late March, as the company's dire financial situation became clearer. Last year, the company brought in only $4.1 million in revenue and a loss of $58.2 million.
However, even after bankruptcy, the business is still worth more than $4 billion on paper – a figure that defies conventional valuation metrics. Trump loyalists have helped keep the stock afloat as a way of supporting his finances, although TMTG remains heavily shorted by investors who believe the company's shares will continue to fall. .
On Truth Social, retail investors are encouraging each other to keep their faith. “When the whole world is prepared to destroy you with everything they have, that's a good sign that you might be on the right side of things,” one person wrote on Thursday.
Another user sought to liken TMTG to high-growth tech companies: “I don't understand all the concerns about this stock going down. All the big stocks were priced very low at the beginning,” this person said. “We are less than a month away from having actual inventory. I'm optimistic about [Truth Social] and will continue to hold and continue to buy when possible.”
Other users speculated that the Mar-a-Lago event was evidence that the company was reaching difficult times. Why do executives and bigwigs gather to hold a noisy party? “I think something is going to happen and they're all excited about it. Something they worked very hard to make happen. An important milestone for the team,” one of the followers wrote. “I hope we find out soon.”
Trump owns a majority stake in Truth Social, although he is suing to gain more control. in one lawsuit filed last month, he argued that his two co-founders—who were formerly contestants on his reality show Probationer—have performed their duties poorly and are not worthy of their 8.6% stake.
Former partners, Andy Litinsky and Wes Moss, applied their own lawsuit alleging that the company tried to unfairly dilute its shares. They are also seeking to challenge the six-month lock-in clause on the sale of their shares.
Some Truth Social users blamed the mainstream press for “spreading lies” about the company, as one person framed it. And despite worries about the share price decline, many of them have pledged to continue buying shares.
“Yesterday I just talked to my broker and asked him to move $10,000 in my Roth IRA, which we had been sitting on to create an additional 'emergency fund,' into DJT stock!” one user excitedly declared. “This is the only time I hope the price will drop so I can buy as many shares as possible!”
Another said: “I won't be able to sleep tonight. If you persevere, I believe you will be greatly rewarded. I believe God guided me here.”
