When the Internet Reacted to a Man Who Lost $450K After Investing in Trump's DJT: 'MAGA Bootstraps'
Following former President Donald Trump's conviction in his hush money trial, shares of Trump Media & Technology Group, the company that owns the social networking site Truth Social, plummeted heavily. As per ABC News, traded under the ticker symbol "DJT," the stock has experienced extreme volatility since becoming public in late March.
It has joined the category of meme stocks that are prone to market gyrations as small-cap investors try to time an upward momentum swing.
Donesco Patriota revealed on Facebook that his retirement funds were lost due to his investment in DJT; the statement implied that Patriota lost $450,000 and now had to go back to work at the age of 76. When the article was reposted on Reddit, many chastised the MAGA supporter for buying Trump stock.
@Conans_Loin_Cloth criticized: "He was out! He was Done! 76 and $450,000 in retirement! I have no sympathy for his greedy ass." @WickedShiesty said: "Meanwhile my DJT puts are up 25% so far. Everything Trump does is a pump and dump." @Inside-Recover4629 called out: "Oh well. He leaned nothing and will continue to sabotage himself instead of admitting he was played." @hectah mocked: "He will also find a way to blame the Democrats for this."
@MyLadyBits chimed in: "He will still vote for him." @kgro reasoned: "Boomer bought meme stock out of ideological reasons at its highs and sold at the absolute lowest price just before it slightly rebounded. Why do some people believe they should be playing with things they know ow nothing about with money they clearly they can’t afford losing?" @Armthedillos5 said: "Time to bootstrap. Just remember, you can't have Starbucks or avocado toast."
Trump Media's first earnings report as a publicly traded firm revealed that it lost more than $300 million in the most recent quarter. The company reported a $327.6 million loss for the three months ending March 31, which it claimed included $311 million in non-cash expenses connected to its merger with a business known as Digital World Acquisition Corp.
As per CNBC, on March 26, the social network company's stock went on sale on the Nasdaq, opening at $70.90 and rising to a high of almost $80 that same day. In 2023, Trump Media recorded a net loss of $58 million and only $4.1 million in sales. Almost 60% of the company's shares are owned by Trump. On paper, the value of his shares showcases almost $2.55 billion.
As per CBSNews, Trump's investment has lost billions due to the stock market decline in April. When the shares started trading on March 26, they quickly gained value, making Trump's 57% ownership stake worth $6.25 billion. However, in light of DJT's recent decline, that $2.1 billion holding represents a $4.15 billion paper loss.
The stock hit a high of $79.38 on March 26; since then, shareholders have lost $7.2 billion in value. The stock fell $5.98, or 18.4%, to $26.61 per share. The Trump Media & Technology group has seen about 600,000 ordinary investors purchase shares. These small investors, in Trump's words, are "the most amazing part about our company." However, they are now suffering with the 'meme' stocks after facing volatile dips since the stock's launch.
