Trump tries to boost support for Truth Social as DJT stock tanks

Donald
Trump
on
Friday
urged
his
followers
to
support
his
social
media
app
Truth
Social,
as
its
parent
company’s

stock
continues
to

sink

lower.

Trump
in
a

post
on
that
app
said
he
believes
Truth
Social
embodies
the
political “movement”
behind
his “Make
America
Great
Again”

presidential
campaign
slogan,
adding
that “it
shows
the
Spirit
and
Love
of
our
Country.”

“If
people
who
believe
in
putting
America
First
and
want
to
Make
America
Great
Again,
support
TRUTH,”
Trump
wrote.

“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,”
he
wrote.

It
was
not
clear
whether
Trump
was
urging
his
supporters
to
use
the
app
or
buy
shares
in


Trump
Media,
which
started
publicly
trading
on
the
Nasdaq
last
month.

The
stock,
which
trades
under
the
ticker
DJT,
shot
up
more
than
50%
in
its
March
26
debut
but
has
tumbled
lower
in
subsequent
trading
days.

Trump
Media’s
share
price
on
Friday
morning
dipped
below
$30,
a
decline
of
more
than
$40
from
its
roaring
start.
It
ended
the
trading
day
up
0.6%,
but
failed
to
offset
an
almost
20%
decline
on
the
week.
Shares
are
down
nearly
50%
so
far
in
April.

Trump
is
nevertheless
poised
to
reap
a
financial
windfall
from
the
company.
Despite
the
stock’s
downward
spiral
and
the
company’s

lack
of
revenue,
Trump
Media
still
boasted
a
market
capitalization
of
more
than
$4.2
billion
as
of
Friday.

Trump
owns
more
than
57%
of
the
company’s
stock,
though
he
is
barred
from
selling
his
stake
until
a
six-month
lockout
period
expires.

Trump
Media’s
CEO,
former
Republican
Rep.
Devin
Nunes,
has
argued
that
the
company
is “well
positioned”
because
it
has
no
debt
and
$200
million
in
cash
on
hand.
Nunes,
in
a
Fox
News
interview
Monday,
suggested
that
the
company
is
considering
adding
video
streaming
capabilities
to
Truth
Social
and
making
it
a
hub
for “canceled”
channels
and
documentaries.

Trump,
the
presumptive
Republican
presidential
nominee,

defended
Truth
Social
from
its
critics
earlier
in
April.

Neither
Trump’s
posts
nor
Nunes’
claims
have
yet
to
halt
the
stock’s
slide.