Truth Social App (AFP)
Share prices for the Trump Media and Technology Group Corporation sank yet again on Friday, marking the fifth straight day this week that the value of former President Donald Trump's social media venture has continued to slide.
CNBC reports that shares in Trump Media dipped below $30 on Friday, a grim milestone for the company that signals it has lost more than half of its market cap since the company went public.
Although prices have moderately recovered since going below $30 on Friday, as of noon E.T. they were still trading at roughly 4 percent lower than on Thursday's closing price.
And in just the last week, shares in the Truth Social parent company have fallen by nearly 25 percent, erasing billions of dollars off what was once a market cap north of $7 billion.
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CNBC notes that this ongoing crash has had a major impact on Trump's net worth given that he "is the biggest shareholder in the company, owning nearly 60 percent of its stock."
Despite all of that, Trump on Friday posted a message on his personal Truth Social account hyping the value of the network, which lost $58 million last year and generated a paltry $4 million in revenues.
"I am so proud of Truth Social, because I believe it represents the Make America Great Again Movement, and it shows the Spirit and Love of our Country," wrote the former president, who goes on trial Monday for allegedly falsifying business records to cover up hush-money payments to an adult film star.
"If people who believe in putting America First and want to Make America Great Again, support TRUTH, we will be your Voice like never before, and a Real Voice is what our Country needs, because we are in decline, and must bring America to Greatness. Think of this as a Movement, the Greatest Movement in the History of our Country. We are going to Save our Country, and Make America Great Again, GREATER THAN EVER BEFORE!"
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