Mon Sep 09 15:17:23 UTC 2024: ## Trump’s Truth Social Stock Plunges, Knocking Him Off Billionaire List

**New York, NY** – Former President Donald Trump has once again been dealt a blow in the financial world, as his social media platform, Truth Social, saw its stock price plummet, knocking him off the Bloomberg Billionaire Index.

CNN’s Matt Egan reported on the latest downturn for the stock, which has been on a downward spiral since its initial surge in the spring. Egan pointed out that the stock has dropped by nearly 75% since its peak in March, and has lost roughly half its value since July 21st.

This sharp decline coincides with Vice President Kamala Harris gaining momentum in the polls and Trump’s return to Twitter. The looming deadline for Trump to sell his shares in Truth Social is also contributing to the uncertainty surrounding the stock’s future.

Egan highlighted the volatility of the stock, which is seen by many as a way to bet on Trump’s political fortunes. He also cited the fact that Truth Social is a relatively small player in the social media market, losing money and generating minimal revenue.

Wall Street veteran Matthew Tuttle even suggested that if it weren’t for Trump’s name attached to the company, the stock would be trading at a mere dollar.

The stock’s decline has erased billions of dollars in value for Trump and other shareholders, and with the lock-up restrictions expiring soon, the stock is expected to remain volatile in the coming weeks.

Read More