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Trump Media and Technology Group (NASDAQ:DJT) fell about 5% on Thursday after former US President Donald Trump published a pair of posts on Truth Social highlighting the strengths of his social network.
“First of all, it is very solid, with over $200 million in CASH and ZERO DEBT,” Trump wrote. “More importantly, it’s the primary way you get the word out, and for better or worse, people want to hear what I have to say, perhaps, experts say, more than anyone else on the planet. world .”
“Look, using the TRUTH, I became the Republican candidate for president of the United States, and in record time!” he added. “When I SUPPORT a politician on TRUTH, THEY almost ALWAYS WIN… And the fun is just beginning!!!”
Shares fell 21% on Monday, erasing much of the gains made since the social network merged with special-purpose acquisition company Digital World Acquisition Corp. to become a publicly traded company.
Additionally, TMTG has indicated that it currently has no plans to publicly report statistics typically associated with social media companies.
“At this stage of its development, TMTG believes that adhering to traditional key performance indicators, such as signups, average revenue per user, ad impressions and pricing, or active user accounts including monthly and daily active users, could potentially divert the its focus on evaluating strategy with respect to the progress and growth of its business,” according to a FORM 10-K filed with the U.S. Securities and Exchange Commission.
Trump holds approximately 57.3% of TMTG’s outstanding shares.