Trump Media and Technology Group Responds to Washington Post’s Stock Slump Story: “The Post Omitted Our Full Response”

This content is not intended as investment advice. The author does not hold any shares in the stocks discussed.

Trump Media’s Response to Washington Post Critique

Trump Media and Technology Group (NASDAQ: DJT), which oversees the Truth Social platform, has launched a robust rebuttal against a Washington Post article that suggested a troubling outlook for the company’s investors. Despite Donald Trump’s recent electoral victory, TMTG’s share prices have taken a significant downturn, raising concerns among stakeholders.

Key Points Raised by the Washington Post

The Washington Post highlighted four primary concerns regarding TMTG’s current performance and investor sentiment:

A majority of TMTG’s approximately 650,000 shareholders are retail investors who supported the company based on their faith in Trump.
Despite Trump’s decisive win in the recent U.S. presidential election, TMTG’s stock has struggled due to what the article termed an “identity crisis.”In the first three quarters of this year, TMTG reported only $2.6 million in revenue while depleting $363 million in cash. Additionally, Trump boasts around 8 million followers on Truth Social compared to 95 million on X.
The article argues that Trump’s newfound influence diminishes the necessity for a platform free of censorship.
Data from Similarweb indicated that Truth Social experienced a significant decline in traffic, with only 10 million visits in October—down 20% from September—while X garnered a staggering 4.6 billion visits in the same month.

TMTG’s Refutation of the Washington Post’s Claims

In response to the article’s characterizations and its decision to omit significant portions of their statement, TMTG has taken a stand against the Washington Post. The complete response can be accessed here. Below are key excerpts from TMTG’s official statement:

“The Post included exactly two words of our response and refused to print the rest. Harwell misses the irony that in a hit piece ridiculing the need for a company to operate a censorship-free platform, the Post censored the company’s statement.”

Trump’s Stake and Future Endeavors

It’s worth noting that Trump holds an impressive 59% stake in TMTG, translating to 114.75 million shares. As the company navigates its current challenges, reports suggest that TMTG is attempting to pivot its struggling operations towards the cryptocurrency sector. According to Financial Times, TMTG is reportedly in advanced discussions to acquire Bakkt, a cryptocurrency exchange owned by Intercontinental Exchange.

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