Even small-time investors are looking to peel out from their Truth Social shares as the stock continues to tumble in the aftermath of the election.
Stock in Trump Media & Technology Group has failed to pick up steam since its last peak at $51.51 a share near the end of October, causing some users—who had banked on a bigger postelection spike—to panic about the future of an investment irrefutably tied to Donald Trump’s personal fortune.
In the days since the last spike, TMTG has lost nearly half of its value, causing some users on a Truth Social investor board to lament, “The fact is we are in trouble.”
The company, which was conceptualized after Trump was banned from traditional social media outlets over his followers rioting through Congress on January 6, has plainly struggled to generate revenue. A financial statement from Trump Media released on Election Day shared bleak ratios: The company had lost $363 million during the first three-quarters of the year and generated just $2.6 million in revenue. That was down 23 percent from last year, reported The Washington Post.
Earlier this month, Trump Media & Technology Group director Eric Swider sold all the stock he owned directly in the company, offloading 136,183 shares at $28.23 per share, a total value of more than $3.8 million, according to a filing with the Securities and Exchange Commission. Swider still holds a little more than 18,000 shares in TMTG via an LLC, Zach Everson reported last week in his 1100 Pennsylvania newsletter.
Swider had been the CEO of Digital World Acquisition Corporation, which merged with TMTG in March when the media company was on the verge of running out of cash. The deal was seen as a major win for Trump, infusing $300 million into the company and keeping Truth Social up and running. The merger also helped the media entity make a particularly strong debut on the stock market with a valuation of nearly $8 billion, sending the worth of Trump’s personal stake in the company skyrocketing to upward of $3 billion at a time when he was facing nearly $500 million in legal expenses.
And Swider wasn’t the only one to offload his Trumpian assets. Also on November 8, TMTG’s chief financial officer, Phillip Juhan, dumped 320,000 shares at a price of $30.65 apiece and, after the weekend, sold another 64,000 shares at a price of $32.97 each, leaving him with just over 265,000 shares in the social media endeavor. General Counsel and Secretary Scott Glabe also dropped shares, though significantly fewer—15,917 shares at $32.19 each.
Trump—who owns roughly 57 percent of the company with 115 million shares—has insisted for months that he has no intention of selling off his stock.