Donald Trump’s acolytes gathered at Mar-a-Lago on Wednesday evening to celebrate the public listing of his social media firm, even as the company’s stock continued to crater. Under the Palm Beach sky, right-wing radio host Sebastian Gorka sucked on a cigar, actor Jon Voight posed for photos, and country singer turned Bible salesman Lee Greenwood belted his runaway hit “God Bless the USA.” At the end of the song, he and the former president saluted.
In a speech, Trump encouraged investors to keep calm. “We have over $200 million dollars in cash, which is very liquid,” he said, according to a reporter from Right Side Broadcasting Network in attendance.
On Trump’s social media site, Truth Social, the mood is less ebullient. “Man I really thought we were gonna see a jump today. Especially after that party last night. There is always tomorrow,” one user lamented on Thursday morning.
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“Doesn’t it seem strange that the price goes down steadily every day? Haven’t seen a green day for a while,” wondered another.
Shares of Truth Social’s parent company, Trump Media and Technology Group, have fallen more than 50 percent since late March, as the company’s dire financial position has become more clear. Last year, it brought in just $4.1 million in revenue and posted a $58.2 million loss.
Even after tanking, however, the business is still worth more than $4 billion on paper—a number that defies normal valuation metrics. Trump loyalists have helped keep the stock afloat as a way to financially support him, though TMTG remains heavily shorted by investors who believe its shares will continue to fall.
On Truth Social, retail investors are encouraging each other to keep the faith. “When the whole world is set on ruining you with everything that they have got, it’s a good sign that you are likely on the right side of things,” one person wrote on Thursday.
Another user sought to liken TMTG to high-growth tech companies: “I don’t understand all the concern about this stock going down. All of the big stocks were very low at the beginning,” the person said. “We are less than a month into this being an actual stock. I am optimistic about [Truth Social] and will continue to hold and keep buying when I can.”
Other users speculated that the Mar-a-Lago event was proof that the company is rounding a corner. Why else would executives and bigwigs gather for a raucous party? “I think there is something coming very soon, and they are all excited about it. Something they worked very hard to make happen. A milestone for the team,” one of the believers wrote. “I hope we find out very soon.”
Trump owns a majority of Truth Social’s shares, though he is suing to amass more control. In a lawsuit filed last month, he argued that his two co-founders—who were previously contestants on his reality show The Apprentice—had underperformed in their duties and didn’t deserve their 8.6 percent stake.
The former associates, Andy Litinsky and Wes Moss, have filed their own lawsuit alleging that the company tried to unfairly dilute their stakes. They are also seeking to challenge a six-month lock-up provision on selling their shares.
Some Truth Social users blame the mainstream press for “spreading lies” about the company, as one person framed it. And despite nerves about the stock’s downward slide, many of them have pledged to keep buying shares.
“Just sat down with my broker yesterday and am having him move $10,000 of my Roth IRA, that we had sitting idle for kind of like an extra ‘emergency fund’, into $DJT stocks!” one user declared excitedly. “This is the only time I would hope for the price to drop so I can get as many shares as possible!”
Another chimed in: “Not going to be able to sleep tonight. If you stick it out I believe you will be rewarded greatly. I believe God directed me here.”
