So, if you follow Donald Trump at all, then you have undoubtedly heard of his social media platform, Truth Social. It was launched in 2021 after Trump was banned from almost all other social media platforms following the events of January 6th.
Truth Social had a brief moment in the sun earlier this year:
https://www.npr.org/2024/04/23/1246645808/truth-social-shares-windfall-trump-media-technology-group
Former President Trump is set to get $1.2 billion richer β at least on paper.
The windfall comes thanks to being rewarded with an additional 36 million shares in Trump Media & Technology Group, the company behind his Truth Social app.
The shares are a bonus provided to him after Trump Media traded above a certain level for a set number of days.
Well, that moment - which was only last April - is long over now.
Truth Social stock is now crashing almost as hard as Trump will in this year's presidential election:
In other words, a typical Trump business endeavor.
To be fair, though, Truth Social wasn't all bad. I mean, hey, it got Devin Nunez out of Congress.
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They ask to dilute the stock and it got approved. This was the only outcome. Not sure what shareholders were expecting
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