Shares of Truth Social owner Trump Media & Technology Group took a hit on Friday, dropping 12% to their lowest level since going public last week. Former President Donald Trump’s stake in the company has also suffered, losing nearly $2 billion in value this week alone.
The stock price for Trump Media peaked at $79.38 on March 26, but has since plummeted by 49% to $40.49 as of Friday. Despite this significant drop, Trump Media shares are still up more than 130% for the year.
Trump’s personal stake in the company has taken a hit as well, now valued at about $3.2 billion, down from $4.9 billion just last week. The company itself reported a loss of $58 million last year with revenue of only $4.1 million, raising concerns about its overvaluation.
Billionaire Barry Diller did not hold back in his criticism of Trump Media, calling it a “scam” with no revenue. Diller went on to criticize those investing in the stock as “dopes.”
In response to the criticism, a Trump Media spokesperson defended the company, accusing critics of being “die-hard Trump haters” and “leftwing flacks.” Despite the backlash, it remains to be seen how Trump Media will weather this storm and whether it can bounce back from this significant drop in its stock price.
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