--- title: "Trump’s Meme Stock Nosedives to Record Low As Execs Abandon Ship" description: "Former president Donald Trump's Truth Social shares have plummeted to a record low as executives are starting to abandon ship." date: "2024-08-28" modified: "2024-08-28" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/trumps-meme-stock-nosedives-low" categories: - "Future Society" tags: - "donald trump" - "the digest" - "trump media" - "truth social" --- # Trump’s Meme Stock Nosedives to Record Low As Execs Abandon Ship ![Former president Donald Trump's Truth Social shares have plummeted to a record low as executives are starting to abandon ship.]() *\Image: Emily Elconin/Getty Images\* ## 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. **More on Trump:** *[Trump Sounds Like He’s Dying Inside as He Shills New Digital Trading Cards]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()