Truth Social’s value has sunk to a near-record low following Donald Trump’s chat with Elon Musk on August 12, 2024. Shares of Trump Media & Technology Group fell 3% after the highly publicized event, which did not boost the company’s stock as expected.
The stock dipped to $24.07, close to its all-time low of $22.50. This decline follows a 5% drop in anticipation of Trump’s return to the platform formerly known as Twitter.
Key takeaways:
- Trump Media’s stock dropped 3% after Trump’s chat with Musk.
- Shares are near an all-time low of $22.50.
- Truth Social’s user base grew by 92% recently.
- Technical issues delayed the chat’s start by 40 minutes.
Trump’s Return to X: Impact on Truth Social’s Value Explained
Donald Trump’s return to X for an interview with Elon Musk was highly anticipated. However, it did not translate into a positive impact on the stock of Trump Media & Technology Group. Following the event, shares fell to $24.07, just above its all-time low. This drop comes after a 5% decline leading up to the chat.
Truth Social’s User Growth Amid Stock Decline
Despite the falling stock prices, Truth Social has seen a significant increase in its user base. In the last month, the platform attracted 16 million visitors, marking a 92% growth. This surge indicates that while the stock may be struggling, user engagement is on the rise.
Technical Issues During Trump’s Interview with Musk
The chat between Trump and Musk faced unexpected technical difficulties. The event was delayed by over 40 minutes due to what Musk described as a distributed denial-of-service attack. This incident raised questions about the reliability of the platform during high-profile events.
- Delay lasted over 40 minutes.
- Musk attributed issues to a cyberattack.
- Technical problems could affect future events.
In conclusion, while Truth Social’s user base is growing, the stock value of Trump Media & Technology Group is struggling. Investors should closely monitor these developments as they could impact the company’s future.
