Former President Donald Trump expressed his pride in Truth Social, claiming that the platform “shows the Spirit and Love of Our Country” even as its stock price continued to plummet on Friday.
Truth Social, owned by Trump Media and Technology Company, went public on March 26. The next day, its stock price soared past $66 per share, reaching nearly $80 at one point. Since then, the stock has experienced a significant decline, falling to under $31 per share as of late Friday morning.
This decline has major financial implications for Trump, who owns over 78 million shares in the company. The drop in stock value comes at a time when Trump faces significant legal costs and penalties from various ongoing legal issues.
In a statement released on Truth Social Friday morning, Trump urged his political followers to support the platform. He emphasized that he believes Truth Social represents the “Make America Great Again Movement” and would serve as a “Real Voice” for those who want to “Make America Great Again” and support America First ideals.
Trump founded Truth Social in 2022 after being banned from Twitter and other social media platforms following his attempts to overturn the 2020 presidential election results and the subsequent violent riot at the Capitol on January 6, 2021.
Recent years have seen Trump face numerous financial setbacks, many due to ongoing criminal and civil proceedings against him. Last week, an SEC filing revealed that Truth Social earned just over $4 million in revenue but lost $58 million in 2023.
“I am so proud of Truth Social, because I believe it represents the Make America Great Again Movement, and it shows the Spirit and Love of our Country,” began Trump. “If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before, and a Real Voice is what our Country needs, because we are in decline, and must bring America to Greatness. Think of this as a Movement, the Greatest Movement in the History of our Country. We are going to Save our Country, and Make America Great Again, GREATER THAN EVER BEFORE!”
