The Damage Report
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Trump DITCHES His Own Company As Truth Social Plummets
Posted
August 18, 2024
Views
122,918
Likes
5,938
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723
Engagement
5.42%
August 18, 2024
122,918
5,938
723
5.42%
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4:31Now PlayingDonald Trump's company Trump Media & Technology Group drops $3 billion in value as Trump abandons his own supporters and MAGA investors on Truth Social to return to the social media platform's original competitor, Twitter (now X). John Iadarola and Sharon Reed break it down on The Damage Report.
Read more here:
Trump Media sheds $3 billion in value as X return adds to issues
"Donald Trump’s appearance on X Monday was the latest headwind for his own competing social media platform, adding to a swoon that’s wiped out $3 billion in market value in the last month.
Trump Media & Technology Group has struggled with mounting losses and stagnant user numbers, sending the shares down 40% since July 15. They now trade just 6% above the lowest close since the company went public through a blank-check merger in March.
Monday’s conversation with Elon Musk on his site — not Trump’s Truth Social that was set up as a competitor after the former president was barred from Twitter in 2021 — underscored the problems facing the fledgling company."
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