Shares of Truth Social plummeted over 7% in pre-market trading on Tuesday, taking with it investor confidence in President Donald Trump’s business ventures. The decline comes despite Trump’s long-standing interest in cryptocurrency and his campaign promises to support the digital asset market.
Trump Media Group, the company behind Truth Social, was launched in 2021 after Trump’s ban from Twitter. The company went public on the Nasdaq in March 2022 following a merger with Digital World Acquisition Corp. In related news, Trump’s cryptocurrency $TRUMP fell nearly 25% to $37.17, while his wife Melania’s meme coin $MELANIA slid over 50% to $4.26.
The wider crypto market has taken a hit as well, with the global market capitalization down 2.2% to $3.58 trillion and Bitcoin’s price declining by over 2%. Trump’s pro-crypto stance heading into his second term in office appears to have been met with skepticism by investors. The president has had a spotty track record with the crypto community, calling Bitcoin a “scam” against the U.S. dollar in 2019.
Source: https://qz.com/trump-media-djt-stock-trump-meme-coin-cryptocurrency-1851743468