--- title: "Truth Social Hits All-Time Low as CEO Sells His Crashing Stock" description: "The share price of former president Donald Trump's Truth Social meme stock has plummeted to a new low." date: "2024-09-04" modified: "2024-09-04" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/truth-social-hits-all-time-low" categories: - "Future Society" tags: - "donald trump" - "the digest" - "truth social" - "twitter" --- # Truth Social Hits All-Time Low as CEO Sells His Crashing Stock ![The share price of former president Donald Trump's Truth Social meme stock has plummeted to a new low.]() *\Image: Bill Pugliano/Getty Images\* ## All-Time Low The share price of former president Donald Trump's Truth Social meme stock has plummeted to a new low after several key executives started offloading their holdings. Around midday Tuesday, [shares dropped below $18](), setting a new record low since the company began trading after merging with a blank check acquisition company in March. Minutes after trading opened on Wednesday, it hit new lows again. The crash shouldn't come as much of a surprise, as it wouldn't be surprising if Trump himself [pulls the rug on investors within just weeks](). The six-month lockup period determined by the Securities and Exchange Commission is almost over, opening the door for the former president to sell his own shares. And that could be a make-or-break moment for Truth Social's parent company Trump Media. Trump owns 114 million shares — roughly 60 percent of the company's outstanding stock — so if he cashes out, it would be yet another major vote of no confidence. ## Cash Grab The current selloff is also likely being accelerated by a number of executives, including [CEO Devin Nunes and COO Andrew Northwall]() and [CFO and treasurer Juhan Phillip](), selling millions of dollars worth of company shares. The company has burned through many millions of dollars in cash, despite only making a measly $4.1 million in all of 2023. In the last quarter alone, the company [reported a net loss of $16.4 million](). Even with shares sliding, the company is still being valued at billions of dollars, making it astronomically overvalued by any standard calculation. However, with executives — and possibly Trump himself — looking to jump ship, Trump Media could look like a very different company within just weeks. Given the broad failure of Truth Social to turn into any form of viable product — especially since Trump has taken up [tweeting on X-formerly-Twitter again]() — the company was arguably never anything more than a thinly veiled attempt by Trump to raise some much-needed cash to cover lawsuit- and election campaign-related expenses. Business failures aside, Trump could still have the last laugh. The former reality TV host could still [rake in over $2 billion]() by offloading his shares, bookending a sketchy and blatant cash grab. **More on Trump:** *[Trump Posts AI-Generated Image of Kamala Harris as Joseph Stalin, But Instead It Just Looks Like Mario]()* ## 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]()