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<ul class="summary-list"><li>Shares of Trump Media &amp; Technology Group — the company that runs Trump's Truth Social app — have plummeted.</li><li>Trump Media/Truth Social is a meme stock, so that's not a total shock.</li></ul>Earlier this year, Donald Trump's social media company was worth something like $9 billion.But that was then, and its stock has been sinking since: Now investors think Trump Media &amp; Technology Group Corp — the company that runs Truth Social, Trump's Twitter clone — is worth a mere $4 billion. Today its stock closed at just above $20 a share, the lowest it has been <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-soars-djt-ticker-symbol-truth-social-2024-3?_gl=1*1gh02oc*_ga*MTU4NjA1NzkzMy4xNzE3NjgzMjMy*_ga_E21CV80ZCZ*MTcyNDg3MzU0MS4xOTAuMS4xNzI0ODc0MzYwLjYwLjAuMA..">since the company had its equivalent of an IPO in March</a>.What's going on?To start, a caveat we've mentioned before: DJT is a meme stock. Investors aren't valuing it based on <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036124036633/ef20030085_10q.htm">the company's financials</a>, <a target="_blank" href="https://www.businessinsider.com/trump-media-short-interest-meme-stock-gamestop-2024-3">which are very meager at best</a>. They think it's worth something because other people think it's worth something, and that collective fantasy will work right up until it doesn't.So trying to figure out <a target="_blank" href="https://www.businessinsider.com/trump-media-truth-social-users-disclose-financials-djt-2024-4">why DJT</a> is moving up or down on any given day isn't likely to lead to a satisfactory answer. Mostly you're going to get something along these lines: ¯\_(ツ)_/¯Still. We can at least acknowledge that DJT has been sliding for quite some time. So there's something going on.One reason Trump's stock may be moving down is that lots of people who own Trump stock are Trump fans, and/or people betting that Trump will win the November election. But it has been harder to be in one of those groups recently: Since Kamala Harris replaced Joe Biden as Trump's opponent, <a target="_blank" href="https://www.businessinsider.com/nate-silver-kamala-harris-donald-trump-prediction-risk-book-interview-2024-8">Trump has been losing ground in the polls</a>, and now both <a target="_blank" href="https://www.nytimes.com/interactive/2024/us/elections/polls-president.html">The New York Times</a> and <a target="_blank" href="https://www.natesilver.net/p/nate-silver-2024-president-election-polls-model">pollster Nate Silver</a> see him as a slight underdog.So if DJT is a proxy for Trump's election chances, it would make sense that it has been limping recently.The other very plausible reason that Trump stock is moving down is that investors may be worried about Trump selling some of his shares in the company. This could lead to other investors selling, which would have a cascading effect on the share price.Trump currently owns about 60% of Truth Social, which means his stake is worth about $2.4 billion. He's been restricted from selling any shares because of a lock-up restriction, which are common in public offerings. But <a target="_blank" href="https://www.cnbc.com/2024/08/22/trump-djt-stock-sell-off-media.html">the lock-up period could end as soon as September 20</a> — hence people trying to get out of the stock before he does.There are two arguments against that theory, by the way: The first is that the lock-up period has been public knowledge since Truth Social first went public, so why bail now? The second is that Trump knows that if he does sell stock — and particularly if he sells a lot of stock — that the stock will really collapse. Because all but the most die-hard Trump fans will see it as the end of the company.So there's a real tension there: Does Trump keep his theoretical $2.4 billion stake intact? Or does he try to turn it into actual money, and risk making the overall value much less?In any case, it's possible that both of the ideas above — Trump's declining political fortune, and the idea that he may be ready to trigger a big sell-off himself — are true. Or maybe there's something else at work that we have yet to see.The only thing we know for certain is that if you bought Trump stock in late March and haven't sold it since then, you are down by more than 50%. We don't give investment advice around here. But <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-crash-spac-djt-truth-social-2024-4">don't say we didn't warn you</a>.

Trump's social media stock is tanking. Here are 2 possible reasons.

<ul class="summary-list"><li>Trump Media stock plummeted to its lowest levels since its IPO on Thursday.</li><li>Shares dropped as much as 4% as a lockup period was set to expire. </li></ul>Trump Media &amp; Technology Group shares dropped to their lowest level since the company went public earlier this year as a <a target="_blank" class="" href="https://www.businessinsider.com/trump-dump-djt-stock-sell-lockup-truth-social-2024-8">lockup period preventing insider selling was set to expire</a>.The Truth Social parent company's shares slid as much as 4% on Thursday, dropping as low as $14.77 before paring some losses.The company went public in March, with shares spiking to all-time highs above $70 shortly after, before steadily declining in the following months. The most recent decline has been fueled by investor concern over the lockup period which prevents insiders from selling, and which is set to expire as soon as Thursday afternoon, <a target="_blank" class="" href="https://www.cnbc.com/2024/09/19/djt-trump-media-stock-lockup.html">CNBC</a> reported. Once the lockup period is over, the Republican presidential candidate has the all-clear to start selling his stock. If he chooses to do so, it could be a major headwind for investors, given that Trump owns a nearly 60% stake in the company worth $<a target="_blank" href="https://www.businessinsider.com/trump-dump-djt-stock-sell-lockup-truth-social-2024-8">1.7 billion based on Thursday's price</a>. Trump said last week he had no intention of selling the stock, which briefly calmed investors."No, I'm not selling. No, I love it," the presidential candidate said in a press conference last Friday, sparking a 25% rally in DJT shares.

Trump Media stock drops as lockup expiration set to give the former president clearance to sell shares

<ul class="summary-list"><li>Donald Trump can sell his Trump Media stock soon, potentially scoring a huge payout.</li><li>The lockup period for Trump Media shares ends September 25, or earlier if some conditions are met.</li></ul>Donald Trump is just days away from being eligible for a huge payout.The potential source of the wealth is the Republican presidential nominee's company <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media</a>, which owns his platform, Truth Social. The entity first began trading on the Nasdaq in March under the ticker DJT.As part of a "lockup agreement," which is common practice in initial public offerings, Trump has been barred from selling his shares in the company for 180 days.That countdown clock is now ticking down.The lockup period, as explained in <a target="_blank" class="" href="https://s3.amazonaws.com/sec.irpass.cc/2660/0001104659-21-071982.htm">the company's regulatory filings</a>, is scheduled <a target="_blank" class="" href="https://www.cnbc.com/2024/08/22/trump-djt-stock-sell-off-media.html">to end on September 25</a>, but it could also end as early as September 20 if certain conditions are met.To be freed up on the earlier date, the share price needs to remain above $12 for 20 trading days within the 30-day period that began on August 23. Despite the stock falling to around $16 this past week — its lowest point on record — that condition has been met. Shares have plummeted 60% since mid-July.<div type="image" title="Trump Media stock price chart YTD through 9-13" height="745" width="860" msid="113396111" hostid="261" sizebytes="27416"></div>Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-media-truth-social-stock-down-lockup-polls-2024-8">owns almost 60% of the company</a>, and with the company's current valuation at around $3.3 billion, that means his stake totals about $2 billion.His stake in the company makes up more than half of his total net worth, <a target="_blank" class="" href="https://www.forbes.com/profile/donald-trump/">according to Forbes</a>, which estimates Trump is worth about $3.7 billion.It's not clear if Trump intends to sell his stock or not, and in <a target="_blank" class="" href="https://s3.amazonaws.com/sec.irpass.cc/2660/0001140361-24-033170.htm#tCEF">an SEC filing, Trump Media</a> explains that if a large shareholder even indicates plans to sell, it could negatively affect the share prices."These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price" of the stock, the filing says.There's also the matter of Trump not wanting to cash in his holdings with DJT stock at record lows. In recent months the share price has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-harris-debate-winner-djt-stock-election-bitcoin-trump-media-2024-9">correlated with Trump's polling numbers</a>, so any sort of recovery in election odds could lead to a stock rebound — and a more attractive payout package.And on Friday, Trump insisted he wouldn't sell off."No, I'm not selling. No, I love it," Trump said during a press conference in California. That sent shares briefly skyrocketing.Still, Trump could probably use the money right now.Earlier this year, <a target="_blank" rel="" href="https://www.businessinsider.com/who-is-trump-fraud-case-judge-arthur-engoron-bio-2023-10">Judge Arthur Engoron</a> ordered Trump and executives at the Trump Organization <a target="_blank" rel="" href="https://www.businessinsider.com/donald-trump-claims-he-has-nearly-500-million-despite-not-being-able-to-pay-bond-2024-3">to pay out $454 million</a> plus interest in their New York civil fraud trial. So far, Trump has paid $175 million for an appeal bond, but if he loses his appeal, he'll be on the hook for hundreds of millions more.On top of that, Trump had already burned through $100 million in lawyer's fees by March this year, according to a <a target="_blank" class="" href="https://www.nytimes.com/interactive/2024/03/27/us/politics/trump-cases-legal-fund.html">report by The New York Times.</a><a target="_blank" class="" href="https://www.businessinsider.com/trump-media-djt-stock-price-crash-spac-lockup-sell-shares-2024-4">Trump Media has had a tumultuous ride</a> since entering the public market. <a target="_blank" class="" href="https://www.businessinsider.com/meme-stocks-mania-donald-trump-tmtg-truth-social-hasbro-paramount-2024-3">With help from meme stock mania</a>, the company's stock soared to $70 a share when it first went public, shooting Trump Media's market cap to $9 billion and raising the Republican nominee's net worth to $7 billion.The company boasted an eye-watering valuation despite reporting paltry earnings and high expenditures.But Trump Media's stock has <a target="_blank" class="" href="https://www.businessinsider.com/trump-media-truth-social-stock-down-lockup-polls-2024-8">been in free-fall </a>ever since. And although Trump insisted he won the <a target="_blank" class="" href="https://www.businessinsider.com/trump-lost-debate-polls-prediction-market-reaction-taylor-swift-rematch-2024-9">debate</a> against Kamala Harris, the market resoundingly reacted as if he lost, making it ultimately responsible for DJT's last leg down to record lows.

Trump is days away from being able to dump his Trump Media stock for a massive payday        

<ul class="summary-list"><li>Trump Media shares have plunged 70% since going public in March.</li><li>The company is still carrying a market value of roughly $3 billion.</li></ul>Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media</a> have plunged 70% since the company went public in March. Even after that sell-off, it's carrying a market value of roughly $3 billion, a figure one expert says is still too high."According to Bloomberg data they had sales of $837,000 last quarter and a net loss of $16.4 million. The numbers don't jive," Jay Woods, chief global strategist at Freedom Capital Markets, told Business Insider.He added that its current valuation "seems unjustifiable."One traditional valuation metric — price-to-sales ratio — is currently at 1,864 times, with the company generating revenue of less than $2 million in the trailing twelve months.In addition to the eye-watering valuation, Woods said Truth Social's growth has limited upside due to its political nature."They struggle with user retention and growth and the upside seems limited — especially if he loses the election," Woods said. "His relevance and age will play a role as will the fact that this never became the social playground for anything outside of politics."Another lingering issue weighing down Truth Social stock is Trump's increasingly frequent use of its biggest competitor, X, formerly known as Twitter.There's also the recent <a target="_blank" class="" href="https://www.businessinsider.com/trump-dump-djt-stock-sell-lockup-truth-social-2024-8">end of a lock-up period</a> for insiders to sell shares, which could put further pressure on shares.The offloading has already begun, with United Atlantic Ventures — an investment partnership run by two former contestants of Trump's "Apprentice" reality show — <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-insiders-litinsky-moss-donald-trump-truth-social-djt-2024-9">dumping nearly their entire 11-million-share stake</a> in the company for proceeds exceeding $100 million.There's also the risk that Trump himself will decide to sell some or all of his 57% ownership stake, although he's previously said he won't do so. But there's no guarantee he won't change his mind."If there was to be a fire sale by its number one shareholder, that could cause a panic with other insiders holding shares and lead to a major leg lower," Woods said.

Trump Media stock is down 70% since going public. One expert says its $3 billion valuation is still 'unjustifiable.'

I'm not saying that I am the next <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jim-cramer-sees-any-weakness-in-nvidia-stock-as-chance-to-buy-it-1031303709">Jim Cramer</a>, but I had a point when I wrote just a few weeks ago that former President <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-crash-djt-truth-social-donald-trump-retail-2024-4">Donald Trump's social-media company</a> was <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-crash-spac-djt-truth-social-2024-4?mrfhud=true">probably not going to be an awesome stock pick</a>. Was this <a target="_blank" href="https://www.businessinsider.com/barry-diller-trump-media-truth-social-scam-comments-2024-4">completely foreseeable</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/why-trump-media-stock-could-be-the-most-obvious-short-idea-in-the-market-1033240349">deeply obvious</a>? Absolutely.<keyword id="7020134" type="General" weightage="20" keywordseo="trump-media" source="Orion">Trump Media</keyword> &amp; Technology Group, which owns the conservative Twitter clone Truth Social, went public via SPAC in late March. (For those not familiar, a SPAC, or special-purpose acquisition company, is a shell company that goes public with the intention of buying an actual company later. In the Trump case, the shell company Digital World Acquisition purchased TMTG.) When the merger was completed, <a target="_blank" href="https://www.businessinsider.com/meme-stocks-mania-donald-trump-tmtg-truth-social-hasbro-paramount-2024-3">the stock — which trades under the ticker DJT — popped</a> to over $70 a share. TMTG's market cap topped $9 billion, and the former president's net worth, on paper, <a target="_blank" href="https://www.businessinsider.com/trump-wealth-tmtg-dwac-billionaires-stock-court-judgment-rich-list-2024-3">jumped to $7 billion</a>.And then, <keyword id="5173883" type="General" weightage="20" keywordseo="djt" source="Orion">DJT</keyword> popped again, but this time in the bad, bubble-bursting way. Its price <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-shares-donald-trump-media-plunged-18-financial-liabilities-tmtg-2024-4">fell</a>, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-djt-market-cap-5b-truth-social-2024-4">then it fell again</a>, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-drop-truth-social-meme-cash-windfall-2024-4?utm_medium=ingest&amp;utm_source=markets">then it fell some more</a>. The stock staged a bit of a rally at the end of last week, but it's still well off of its March highs. As of the end of trading on Friday, TMTG was trading at $36.38 down 54% from its peak and 41% since I wrote about it three weeks ago. Correspondingly, the former president's related wealth gains <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-freefall-lost-ex-president-billions-2024-4">have come back down to earth</a>. People on Truth Social <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-crash-djt-truth-social-donald-trump-retail-2024-4">feel pretty bad</a> about it. Short sellers, if I had to guess, <a target="_blank" href="https://www.businessinsider.com/trump-media-short-interest-meme-stock-gamestop-2024-3">feel pretty good</a>, even if <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-short-selling-protection-truth-social-shares-2024-4">Trump's company is trying to prevent them</a> from betting against it. Anyone investing in TMTG is in for a bumpy ride.While Trump is a political figure, Trump Media's stock price is not really a political story. Sure, there are some fervent followers who believe that buying the stock is akin to supporting the Republican presidential candidate. More broadly, though, TMTG's fall from grace is more of a business story with a hint of cultural weight that let it achieve some meme-stock-like status.The thing about TMTG is that it is not a good business. Its total revenue was $4.1 million in 2023, which is a little more <a target="_blank" href="https://www.businessinsider.com/what-it-costs-to-open-a-chick-fil-a-2016-1">than what a single McDonald's franchise</a> makes in a year, and it lost $58 million the same year. When the stock was near its highs, it was trading at something like 2,000 times the company's annual revenue. That is a lot. Nvidia, the high-flying vanguard of the artificial-intelligence revolution and one of the hottest stocks this year, is trading at about 35 times its revenue.Besides required financial information, Trump's media outfit won't disclose central data points that would give a better picture of how well it is — or, likely, isn't — doing. <a target="_blank" href="https://www.businessinsider.com/trump-media-truth-social-users-disclose-financials-djt-2024-4">As my colleague Peter Kafka has pointed out</a>, TMTG refuses to tell investors how many people are signing up for Truth Social, whether they're sticking with the platform, or what's happening in ad sales. In regulatory filings, the company says it "believes that adhering to traditional key performance indicators, such as signups, average revenue per user, ad impressions and pricing, or active user accounts including monthly and daily active users, could potentially divert its focus from strategic evaluation with respect to the progress and growth of its business." In other words, it doesn't think publicly disclosing how things are going will be good for its business prospects, which, I mean, tracks to the extent that the truth is probably bad. (To be clear, other publicly traded social-media companies, such as Reddit and Meta, do not keep a lot of this kind of information under wraps.)For all the gloominess now, Trump's media company says it has bigger and brighter days ahead. On Tuesday, TMTG <a target="_blank" href="https://markets.businessinsider.com/news/stocks/truth-social-to-launch-streaming-platform-1033252830">announced</a> that it planned to launch a streaming-TV platform where creators who can't find an audience for "unjust" reasons "won't be cancelled." The same day, its stock price fell by 14%, though the next day it bounced.TMTG isn't going under tomorrow. Its CEO, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/5-things-you-might-not-know-about-devin-nunes-ceo-of-trump-media-technology-group-1031036814">Devin Nunes</a> — yes, <a target="_blank" href="https://www.businessinsider.com/judge-dismisses-devin-nunes-cow-lawsuit-against-twitter-parody-accounts-2020-6">that Devin Nunes</a>, the former US representative from California — has said it has millions of dollars in the bank thanks to the boost from going public. He's also trying to push back against short sellers in an attempt to keep those betting against the company at bay.All in all, for shareholders, this is not a fun roller-coaster ride. The stock is on a steady downward trajectory, and things aren't looking good. The <a target="_blank" href="https://www.businessinsider.com/donald-trump-tmtg-meme-stock-crash-truth-social-election-wealth-2024-4">company has filed plans to issue more shares</a>, which would raise even more cash for operations but dilute the value for current shareholders. Trump himself, who owns more than half of the company's shares, is subject to a lockup period that prevents him from selling those shares for six months. This is pretty standard practice for SPACs to prevent pump-and-dumps. The board could speed that up and let him and other insiders sell earlier, which would give the former president a quick cash injection but almost certainly depress the stock's price more. Why hold on to the stock when even its namesake is giving it up? So DJT will likely circle the drain even faster once major shareholders are allowed to sell, and it's not really clear how the company plans to turn that around. Trump, for his part, has some bigger fish to fry, like competing in an election and <a target="_blank" href="https://www.businessinsider.com/donald-trump-court-trial-falling-asleep-stay-awake-i-relate-2024-4">hanging out in court</a>.That TMTG's stock price has fallen isn't surprising. It's not a successful business, and it's not clear how many people are ever going to want to hang out on Truth Social, let alone how many businesses would want to advertise there. The speed of the stock's plunge, however, is a bit of a shock. It wasn't a given that the gravity of reality would be such a strong, immediate force. But for now, the Trump Media &amp; Technology Group illusion seems to be coming undone.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Trump's stock bust came even quicker than I expected

<a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-soars-djt-ticker-symbol-truth-social-2024-3">Donald Trump's newly public social-media company</a> is not the next Nvidia — or Meta or Google or <a target="_blank" href="https://www.businessinsider.com/x-worth-71-percent-less-after-elon-musk-takeover-fidelity-2024-1">whatever has happened with X/Twitter</a>.The share price of Trump Media and Technology Group, trading under the stock ticker DJT (because of course it is), <a target="_blank" href="https://www.businessinsider.com/meme-stocks-mania-donald-trump-tmtg-truth-social-hasbro-paramount-2024-3">surged following</a> the completion of its SPAC merger last week. A SPAC, or a special-purpose acquisition company, is a shell company — in this case, Digital World Acquisition — that goes public with the intention of buying an actual company later. For a while, TMTG's market cap was in the $9 billion range, making it more valuable than Etsy and Hasbro. That <a target="_blank" href="https://www.businessinsider.com/trump-wealth-tmtg-dwac-billionaires-stock-court-judgment-rich-list-2024-3">bumped up the former president's net worth</a> to $7 billion, though not in a way he can immediately take advantage of. Unless the company's board says otherwise, Trump can't sell his shares for six months.If I were Trump, though, I would cajole the board to speed up that lockup period so I could cash in. It seems, let's say, unlikely that his media company's stock price is going to stay so high forever. (It seems like investors agree — on Monday, after this story was first published, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-shares-donald-trump-media-plunged-18-financial-liabilities-tmtg-2024-4">the stock tumbled</a> by more than 25%.)For one thing, TMTG, which owns the conservative Twitter copycat Truth Social, makes basically nothing. According to a new financial filing from the company released on Monday, its total revenue was $4.1 million in 2023. Extrapolate that out, and the stock is trading at something like 2,000 times the company's annual revenue. That is, um, high. Apple, for example, trades at about seven times its total revenue. And given TMTG's paltry revenue, it actually lost $58 million last year.Trump's company <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1849635/000119312524038590/d408563d424b4.htm#rom408563_8">says</a> it has bigger plans ahead, such as growing Truth Social and developing "one or more additional cutting-edge products and/or services" to complement Truth, including some sort of video-streaming situation that "provides a 'home' for cancelled content creators." What exactly this might look like, or how many people would flock to it, isn't clear.Truth Social <a target="_blank" href="https://www.axios.com/2024/03/27/truth-social-stock-facebook-twitter-ipo">had an estimated</a> 5 million monthly website visits in February of this year, according to third-party trackers, but the company isn't revealing exact metrics right now. By comparison, Facebook had 845 million monthly active users when it went public in 2012, and Twitter had 215 million when it IPO'd the following year. The long and the short of it is that TMTG is not a thriving business.But maybe other social-media outlets, which are designed to appeal to the widest possible base, aren't the right comparison. Truth Social and any other business Trump Media and Technology Group spins up is pretty much guaranteed to appeal just to Trump fans.Trump's media company isn't the first conservative outfit to go public via SPAC in recent years and <a target="_blank" href="https://www.vox.com/money/23755227/target-bud-light-pride-conservative-boycott-anti-woke-lgbt">try to make money off of right-leaning consumers and investors</a>. Its predecessors have not done so hot. Rumble, a Peter Thiel-backed YouTube for the right, <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-09-19/peter-thiel-backed-rumble-heads-to-the-public-markets-via-spac-deal">rose by some 40%</a> on its first day of trading in September 2022 and has been hanging well below that ever since. Both Black Rifle Coffee, a Starbucks for Republicans, and Public Square, the GOP's supposed alternative to Amazon, have followed similar trajectories: a stock pop early on, then sitting under $10 ever since. None of them have achieved sustained profitability, though Black Rifle says it's on the path to it. Being in the business of anti-woke is not especially lucrative. As much as people say they want to shop and invest their values, it often doesn't turn out to be the case. Instead, most people opt for the convenient option and whatever they're most used to doing already. There's a reason most boycotts don't work — people are busy and tired. It's true on the left as well. Dig deep enough, and every company in the world can probably give you a reason not to want to give them your money.Might Trump and Truth Social be different, at least on the stock front? I mean, I suppose anything is possible. As my colleague Peter Kafka points out, investors <a target="_blank" href="https://www.businessinsider.com/trump-media-short-interest-meme-stock-gamestop-2024-3">aren't shorting the stock en masse yet</a>, in part because doing so is hard and in part because you can see DJT taking off with the meme-stock crowd. GameStop and AMC weren't doing particularly awesome from a business sense when they achieved meme status, yet small-time investors were eager to pile into them. For a good chunk of the country, tossing some cash into Trump's company is not only a way to stick it to The Man but also to The Woke Man. Trump has also spent years insisting that his literal name is worth a ton of money, and I guess we're about to find out just how much.Still, I'd guess Trump has much better odds of winning the White House (or ending up with some criminal convictions) than he does seeing his mediocre social-media company take off. He might want to call up someone on TMTG's board — say, his son Don Jr. — and see about them getting a meeting on the books to let him start offloading shares sooner rather than later.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Trump Media's stock is almost certain to crash

<ul class="summary-list"><li>Trump Media's stock price dropped on Friday after its auditor was accused of "massive fraud."</li><li>The auditor BF Borgers did not comply with common accounting standards, <a href="https://www.sec.gov/news/press-release/2024-51?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noopener">the SEC said</a>.</li></ul>Trump Media shares tumbled yet again on Friday after the Securities and Exchange Commission charged the company's auditor for a "massive fraud" scheme that lasted over two years, according to a new <a href="https://www.sec.gov/news/press-release/2024-51?utm_medium=email&amp;utm_source=govdelivery">filing</a>.BF Borgers CPA PC, which audited the financials of Trump Media, had "deliberate and systemic failures to comply" with public company accounting standards, the regulatory agency said. The firm and its owner, Benjamin Borgers, were accused of "falsely representing to their clients" that audits would comply with common accounting standards, and fabricating audit documents. Those actions affected around 1,500 SEC filings from January 2021 through mid-2023, the SEC said. The order did not name any specific clients.BF Borgers settled the SEC charges by paying a $12 million penalty, while Borgers, the owner, paid a separate $2 million penalty. The company's operations have permanently shuttered, with Borgers also agreeing to stop "appearing and practicing" as an accountant."Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets," Gurbir Grewal, the director of the SEC's Division of Enforcement, said in a statement. "Because investors rely on the audited financial statements of public companies when making their investment decisions, the accountants and accounting firms that audit those statements play a critical role in our financial markets. Borgers and his firm completely abandoned that role, but thanks to the painstaking work of the SEC staff, Borgers and his sham audit mill have been permanently shut down."Trump Media shares dropped as much as 9% on Friday morning, but later pared its losses to around 4%. The company is now looking for a new auditor, it told Business Insider in an email."Trump Media looks forward to working with auditing partners in accordance with today's SEC order," a spokesperson for TMTG said.BF Borgers did not immediately respond to a request for comment from BI.

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Trump's social media stock is tanking. Here are 2 possible reasons.

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Trump Media stock drops as lockup expiration set to give the former president clearance to sell shares

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Trump is days away from being able to dump his Trump Media stock for a massive payday

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Trump Media stock is down 70% since going public. One expert says its $3 billion valuation is still 'unjustifiable.'

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Trump Media's stock is almost certain to crash

Emily Stewart

Trump Media stock tumbles as the SEC charges its auditor with 'massive fraud'

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