Donald Trump’s Twitter clone, Truth Social, is in serious trouble.
The company has weathered bad news before, hitting all-time low stock prices on multiple occasions over the past year. But those days now look balmy in comparison, with the social network’s shares sliding more than 7.5 percent on Monday alone and setting a new rock bottom of just $6.40. Zooming out doesn’t paint a prettier picture, either: over the past month, the company’s stock has fallen a stomach-churning 29 percent.
It’s easy to empathize with any investors looking to ditch the company. It never had much of a raison d’être beyond “funnel some money to Trump,” and the president’s declining political fortunes — not to mention looming midterms that are likely to undermine his remaining power — have weakened even that grift-era pitch.
As the Daily Beast reported last week, not even its users are sticking around, with analytics data suggesting that its daily traffic has cratered by more than 30 percent over the past year. For a company that was already posting huge losses every quarter, that’s grim news — and it sounds like the company’s remaining investors may now be seeing the writing on the wall.
