Shares of Trump Media & Technology Group have plunged since the company began trading in March, driven by a combination of operational challenges, legal woes and competition in the social media landscape.The parent company of Truth Social, majority-owned by former President Donald Trump, saw its stock close down more than 10 percent on Friday at $32.75 per share, the day after Trump's first presidential debate of 2024 against President Joe Biden.
TMTG appears to recognize the power of Trump's brand on the company too. In a Securities and Exchange Commission filing in June the company said it can't compel the former president to use Truth Social and Trump not using it 'could have a material adverse effect on the business.'Trump recently joined TikTok and, as of Monday, has roughly as many followers on the short-form video platform as he does on Truth Social: seven million.