Truth Social stock takes a tumble as Trump makes his X return

Shares in Donald Trump’s social media company fell to their lowest price in months on Monday, hours after the former president revived his long-dormant X account to promote his “interview” with Elon Musk.

Trump Media & Technology Group stock fell by 6 percent on Monday to $25 per share, plummeting toward its lowest closing share price since April.

The former president — who has a roughly 65 percent stake in the company — saw his net worth sink by another $170m thanks to falling stock, according to Forbes. The company, which trades as DJT, has routinely seen its stock prices whiplash over the last few months as the former president’s fortunes are tied to his campaign, criminal cases and massive legal liabilities.

Monday’s drop also followed the company’s latest earnings report with the Securities and Exchange Commission, which showed Truth Social’s parent company earning less than $1m in revenue with more than $16m in losses within the second financial quarter of 2024.

In announcing itsquarterly SEC filing on Friday, the company said its net losses largely stemmed from more than $8m in legal expenses following its much-hyped March merger and another $3m from expenses tied to a streaming service that is set to roll out this year.

“With the introduction of TV streaming in August 2024, the Company believes that it has laid the foundation for a core driver of long-term revenue and value,” the company said in a press release accompanying Friday’s filing. “With its strong balance sheet and zero debt load, the Company believes it has sufficient working capital to fund operations for the foreseeable future.”

DJT stock has widely been seen as a “meme stock,” with shares driven by individual investors rather than any other market