Truth hurts: Trump has lost billions as social media company makes another stock move

Trump Media and Technology Group, the company that owns Truth Social, announced the issuance of 21.5 million new shares on Monday, causing the market to sell off many of its shares en masse as the stock dropped over 15%.

Former President Donald Trump, the majority share owner of TMTG, lost about $470 million in net worth after Monday’s drop, per CNN, but on paper, he has lost billions because the stock soared once it first went public. The decline started on April 2, when the stock traded at $51.60. It has since nearly halved its value.

The new stock issuance will devalue Trump’s and others’ shares in the company but will allow the company to raise more cash right now. Matthew Tuttle, CEO of Tuttle Capital Management, said the company would be “stupid” not
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