Trump's truth social stock hits record low, worth over $2B
CNBC reports that the stock of Truth Social, a company owned by Donald Trump, is at its lowest price since its market debut. Trump holds nearly 59 percent of the shares, and his stake is valued at over $2 billion.
CNBC reports that the shares of Trump Media, whose majority owner is former President Donald Trump, fell below $20 for the first time since Truth Social went public in March of this year.
The stock has been dragging the company down for months, and the latest reports from Trump Media show that the company is losing millions of dollars and generating minimal revenue.
Trump holds nearly 59 percent of the shares. As CNBC highlights, even after losing a significant portion of its value, Trump's shares are still worth over $2.2 billion according to Wednesday's stock price.
The channel suggests, however, that after the lockup preventing the cashing out of shares expires (by September 20), the former president could theoretically decide to sell his shares.
At the same time, Trump is urgently seeking new funds for his presidential campaign. One method is selling digital collector's cards featuring the former president.
The cost of one NFT token is $99. The more cards purchased, the more attractive the gift. For a pack of 75 cards or more, one can get the opportunity to have dinner with Donald Trump.
