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President Biden Mocks Trump’s Sinking Truth Social Stock
At a recent campaign event in Scranton, PA, President Biden took a jab at former President Trump regarding the plummeting stock value of Truth Social, a social media platform launched by Trump.
Biden’s Remarks
President Biden humorously remarked, “I have to say. If Trump’s stock in his Truth Social company drops any lower, he might do better under my tax plan than his.” This statement reflects the significant decline in the value of Trump’s media company.
Truth Social Stock Plummet
Trump’s Truth Social stock experienced a drastic decrease of more than 13% in value on the specific day of the event, with share prices dipping below $23 at certain points. The continuous decline of the company’s stock indicates a concerning trend, with billions of dollars in potential profit vanishing.
Furthermore, Truth Social, a company that does not generate profits, operates at a loss, and lacks transparency regarding its user base, faces an uncertain future. If this downward trajectory persists, investors, including Trump supporters and Rep. Marjorie Taylor Greene, risk losing their entire investments.
Financial Consequences for Trump
The financial implications for Trump are severe, as the dwindling stock value of Truth Social jeopardizes his financial stability. With looming loan repayments and mounting legal liabilities, including civil court judgments, Trump’s hopes of profiting from Truth Social are dwindling.
Conclusion
President Biden’s quip about Trump potentially benefiting more from his tax plan than his own underscores the financial challenges faced by Trump’s media venture. As the future of Truth Social remains uncertain, Trump’s financial woes serve as a cautionary tale of the risks associated with speculative investments in volatile markets.
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