Donald Trump’s social media company slips on NASDAQ
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Donald Trump Blockbuster listing of social media company ‘Truth Social’ last month on March 26 NASDAQ But it happened. Trump Media and Technology Group Corporation started with a market value of approximately $6.8 billion. But, the company has failed to impress investors in the stock market. It is being told that a big fall was seen in the company’s stock on Monday. The share price of Nasdaq Truth Social fell by about 21.5 percent. Due to this, Donald Trump’s share in the company has suffered a blow of more than one billion dollars. The company suffered a blow when it revealed a loss of $58.2 million in the last financial year. Additionally, the company’s auditor, BF Borgers of Colorado, issued doubts about its ability to remain in business.
Heavy action seen in Trump media
Heavy action has been seen in Trump Media’s stock on Nasdaq. Donald Trump’s stake in the company is estimated to be around $4.88 billion. Which, after the great collapse on Monday, is estimated to be around $3.83 billion. Earlier on Thursday also, there was a decline of about seven percent in the share price of the company. After this, the market was closed on Friday due to Good Friday. However, the stock price jumped more than 30 percent on the first day of trading. Donald Trump made a profit of about 5.2 billion dollars from this. However, the company’s initial enthusiasm in the market could not be sustained for long.
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What was the auditor’s opinion about the company?
Regarding the company, auditor BF Borgers of Colorado said in the company’s filing that there is doubt in the continuity of ‘Truth Social’ as a running company. However, Trump Media CEO Devin Nunes has expressed enthusiasm about the company’s operations. “Eliminating the merger-related financials in 2023, Truth Social today has no debt and over $200 million in the bank, opening up many possibilities for expansion and enhancement of our platform,” he said.
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