Pull the starter cord
Shares of Donald Trump’s social media stocks fell again today, falling more than 16% Monday morning.
The timing of the latest bombing is particularly interesting: It comes after Trump took the first steps to cash out, likely leaving investors – who have already seen their holdings collapse – high and dry.
As Bloomberg Reports, Truth Social owner Trump Media & Technology (TMTG) has filed to register shares, including those tied to warrants — a sign that Trump and other executives are looking to cash in well earlier than September, by which time the mandatory six-month suspension of sales would be over.
Trumpet Section
The news comes after TMTG shares saw a precipitous decline, dropping to below $27, significantly less than half of what they were worth at the time of the merger last month.
The drop caused the former president’s net worth to drop by billions of dollars in just three weeks.
Despite the bleak outlook, Trump and his aides may still hold on to millions of shares, likely planning to sell them for several hundred million dollars, according to Bloomberg.
The company, however, still needs approval from the U.S. Securities and Exchange Commission.
Trump would also need the green light from TMTG’s board before selling — which shouldn’t be too difficult, given his personal position.
Analysts said investors looking to grow their money should stay away from the former president’s meme stocks, calling them a “scam.”
Supporters, however, seized the opportunity to line Trump’s pockets and help him in his quest to win re-election later this year.
They’re right that Trump could definitely use a cash infusion right now – investors be damned.
Read more about Trump media: Trump supporters are horrified as their stock value disappears “Truth Social”
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