Trump tries to boost support for Truth Social as his media stock tanks

Donald Trump on Friday urged his followers to support his social media app Truth Social, as its parent company’s stock continues to sink lower.

Trump in a post on that app said he believes Truth Social embodies the political “movement” behind his “Make America Great Again” presidential campaign slogan, adding that “it shows the Spirit and Love of our Country.”

“If people who believe in putting America First and want to Make America Great Again, support TRUTH,” Trump wrote.

“We will be your Voice like never before, and a Real Voice is what our Country needs, because we are in decline, and must bring America to Greatness,” he wrote.

It was not clear whether Trump was urging his supporters to use the app or buy shares in Trump Media & Technology Group, which started publicly trading on the Nasdaq last month.

The stock, which trades under the ticker DJT, shot up more than 50% in its March 26 debut but has tumbled lower in subsequent trading days.

Trump Media’s share price on Friday dipped below $30, a decline of more than $40 from its roaring start. It was down more than 4% on Friday as of 11:30 a.m. ET, following even larger declines on Thursday and Wednesday. Shares are down 50% so far in April.

Trump is nevertheless poised to reap a financial windfall from the company. Despite the fall in share price and the company’s lack of revenue, Trump Media still boasted a market capitalization of more than $4.2 billion.

Trump owns more than 57% of the company’s stock, though he is barred from selling his stake until a six-month lockout period expires.

Trump Media’s CEO, former Republican Rep. Devin Nunes, has boasted that the company is “well positioned” because it has no debt and $200 million in cash on hand. Nunes, in a Fox News interview Monday, suggested that the company is considering adding video streaming capabilities to Truth Social and making it a hub for “canceled” channels and documentaries.

Trump, the presumptive Republican presidential nominee, defended Truth Social from its critics earlier in April.

Neither Trump’s posts nor Nunes’ claims have yet to halt the stock’s slide.

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