It’s a long day buying meme stocks for Mar-a-Lago
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Normally Trump can count on an inexhaustible supply of suckers, but Truth Social is so inherently worthless and he’s so open about not even pretending to care about it that it’s really pressing the limits of his army of morons:
Shares of Trump Media & Technology Group fell nearly 10% on Tuesday, continuing the stock’s tumble following the conviction of former President Donald Trump, the company’s majority shareholder.
The stock closed at $31.31 Tuesday, on much higher than average trading volume of 7.52 million shares.
Shares of Trump Media, which trades under the ticker “DJT,” are down about 40% since May 30, when a New York jury found Trump guilty of 34 felony counts of falsifying business records.
Tuesday’s sell-off coincided with a June 18 deadline that could see some of the company’s investors exercise stock warrants.
In a filing with the Securities and Exchange Commission on April 15, Trump Media disclosed its plans to offer nearly 21.5 million shares of common stock issuable “upon the exercise of warrants.”
Late Tuesday, the company announced that the SEC had declared its registration effective “TMTG’s warrants covered by the Registration Statement have now become eligible for cash exercise,” the company announced.
Within minutes of the filing of the 8K announcement, Trump Media stock had fallen more than 15% in after hours trading.
The company also amended its registration statement Tuesday to warn investors that there was little it could do to stop former President Donald Trump from using other social media platforms, beyond the company’s signature Truth Social network.
“If TMTG disagrees with President Donald J. Trump about the scope of his obligation to use, or first post on, Truth Social, TMTG lacks any meaningful remedy with respect to such disagreement,” the amended lines read.
Such a scenario, the company cautioned, “could have a material adverse effect on the business and/or operations of TMTG.”
The warning came just weeks after the former president — who uses Truth Social almost exclusively to make his public statements — joined the social media app TikTok.
Truth Social, meanwhile, has struggled to maintain its small user base. The social media site’s average number of monthly visits from May 2023 to April 2024 was 39% lower than the previous 12-month period, according to digital intelligence platform Similarweb.
Trump Media shares also took a hit last week, falling more than 5% on June 10 when the company submitted its reaudited financial statement after its last auditor was charged with fraud.
Trump Media & Technology Group disclosed a net loss of $327.6 million and total revenue of $770,500 in the first quarter of the year on its most recent earnings report, filed in May.
“Sure, the company is losing money hand over fist and sure it has almost no revenue and sure it has no chance of ever coming within light years of making a profit but…losing your life savings will OWN THE LIBS!” It’s both sad and funny how many people this is still working on even if there are fewer of them than last month.