Trump's Truth Social Takes Massive Hit After Midterm Losses

Shares of Digital World Acquisition, the company seeking to merge with the Trump Media and Technology Group that includes Truth Social, took a nasty dive following the midterms, with investors worried that Trump no longer has any sway over the GOP. If he has no power over the Party, then he has no real draw to his social media site, and that could sink things even further down the road, as Ring of Fire's Farron Cousins explains.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

I think it's safe to say that obviously in this year's midterms, the Biggest Loser, of course, was Donald Trump. But it turns out that Donald Trump is not just facing angry Republican voters. He's not just facing angry Republican donors. He also is apparently now facing angry investors into digital world acquisition, the PAC company that is trying to merge with Trump Media and technology group, which of course includes truth, social. The day after the election, digital world acquisition, their shares fell 15% following the routing that Donald Trump's handpicked candidates took on Tuesday. So in addition to Donald Trump suffering those humiliating losses were the candidates he picked to run, endorsed them, showed up at their rallies, did multiple rallies. For some of them they lost. That was bad enough. He was off. Then the next morning, the company that's supposed to be buying out his media company, giving him 300 million, they lost a ton of money because their investors looked at what happened to Trump's people and said, Trump has no influence.

Why would I wanna buy a company from a guy that has no influence on politics? Like he's a negative influence on politics. He's actually toxic. So I'm taking my money and I'm running away. So digital World shares, as they have done pretty much every month for the last 12 months, went tumbling down the toilet yet again. And here's why that is so fricking hilarious. Reports came out about a week ago, week and a half-ish, telling us that a lot of, uh, Trump supporters who invested money into digital world had collectively lost millions of dollars as the price of the stock when they bought it was over a hundred dollars and, and now it's lost 90% of its value. On top of that, to make it even more deliciously hilarious, digital world is coming up against their deadline. If they cannot get 65% of their initial investors to agree to extend that deadline to purchase Trump media and technology, which they currently cannot do, because there is a criminal investigation into both entities. So that's on hold. So if they can't extend that deadline based on the company's own founding charter, they will be forced to liquidate digital World acquisition and pay off all the remaining shareholders, not just the investors, but the people who bought stock. If they do that, the stock value that they would be reimbursed for would be under $10 per share. The same shares that they bought for over a hundred dollars a share, and now this week the stock goes down

Even further, which means they may get far less than $10 per share. So not only did Donald Trump lose in races across the country, he probably lost a couple hundred million dollars as well.