Trump's Meme Stock Nosedives to Record Low As Execs Abandon Ship

"So far, the company has failed to find a successful strategy."

Last Laugh

Former president Donald Trump's Truth Social shares have plummeted to a record low as executives are starting to abandon ship.

On Wednesday, shares dipped below $20 for the first time since Truth Social owner Trump Media & Technology Group merged with a blank check acquisition company in March.

What was once an astronomically overvalued $8 billion venture has lost well over 50 percent of its value in a matter of just six months.

However, Trump is still likely to get away with a major windfall, having made more than $1 billion in earnout shares earlier this year. Despite crashing share prices, he can still easily net another $2 billion as soon as next month by offloading his 114 million shares — roughly 60 percent of the company's outstanding stock.

It's not the former reality TV host's last foray into dubious tech schemes, though. Just this week, he's been shilling gaudy digital trading cards with his face on them.

Ugly Truth

The news comes after CFO and treasurer Juhan Phillip sold $1.9 million worth of shares, with CEO Devin Nunes and COO Andrew Northwall also dumping stocks.

A special counsel also recently filed a revised January 6 insurrection-related indictment on Tuesday against Trump.

Trump will have to remain patient until at least September 20, at which point a six-month lockup period determined by the SEC is set to expire.

TMTG's financial performance has been deplorable, reporting a net loss of $58 million last year while only netting $4.1 million in revenues.

And whether the Truth Social owner will manage to scrape together a coherent and money-making business remains as unlikely as ever. The platform has experienced a major user exodus as even its owner has seemingly given up and migrated back to Elon Musk's X-formerly-Twitter.

"Any upside for the company is dependent on coming up with a business strategy to generate revenue and profits," University of Florida finance professor Jay Ritter told USA Today. "So far, the company has failed to find a successful strategy."

In short, Trump's thinly veiled ruse to squeeze his astonishingly gullible followers for cash is nearing its end — and he'll likely be laughing all the way to the bank.

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