Shares of Donald Trump's social media company fell by more than 20% on
Monday, less than a week after it began publicly trading under the DJT
ticker.
The drop comes after Trump Media & Technology Group reported it had lost
nearly $60m (£48m) last year while only bringing in around $4m in revenue.
The price plunge caused the former president's net worth to shrink by
$1bn, according to Bloomberg.
Shares had surged last week, giving the company an $11bn valuation.
But experts warned the stock was bound to tumble, as its main product -
Truth Social - loses users and burns cash.
On Monday, shares of Trump Media - which makes its money exclusively
through advertising on Truth Social - fell $13.30 to $48.66. But they
are still up nearly 200% so far this year.
"Demand is sky-high to short DJT, but any borrow supply is very scarce
and extremely hard to locate," said Matthew Unterman, director at S3.
Truth Social's revenue was $4.13 million last year, up from $1.47
million in 2022. By comparison, Reddit brought in revenue of $800
million in 2023.
https://www.bbc.com/news/world-us-canada-68708648
What kind of an infidel would short TRUTH on Easter Monday?
--
"And off they went, from here to there,
The bear, the bear, and the maiden fair"
-- Traditional
--- SoupGate-Win32 v1.05
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