Trump Media Execs Sell Shares as Truth Social Stock Plummets to Record Lows
Truth Social Executives Sell Shares as Stock Hits Record Lows
In a significant development for Truth Social, the social media platform associated with former President Donald Trump, key executives have begun selling their shares as the company’s stock reaches new lows. Truth Social’s parent company, Trump Media & Technology Group (TMTG), has seen its valuation plummet from its peak of nearly $8 billion.
Chief Financial Officer and Treasurer Juhan Phillip recently sold $1.9 million worth of company shares, while CEO Devin Nunes and COO Andrew Northwall have also divested portions of their holdings. This selloff comes as Donald Trump himself is expected to sell his 114 million TMTG shares after the SEC lockup period expires on September 20, potentially earning him around $2 billion.
The company’s financial outlook appears grim, with TMTG reporting a net loss of $58 million last year and an additional $16.4 million in the last quarter. Revenues remain minimal at $4.1 million, leading many analysts to consider the stock overvalued.
As executives begin to pull out, experts warn that TMTG’s stock could face further decline, especially if Trump loses the upcoming election. Some analysts suggest that a loss of Trump’s brand value could potentially drive the stock “to zero.”
Despite the current financial struggles, this venture may prove to be Trump’s most successful enterprise. He has already profited significantly from earnout shares and stands to gain another $2 billion in the near future.
This news follows a previous report of Truth Social’s stock hitting an all-time low after going public. As the situation continues to unfold, investors and market watchers remain focused on the platform’s future and its impact on the social media landscape.
