Monday, April 15, 2024

Jimmy Fallon takes a dig at Trump’s Truth Social app over nosediving stock prices

HomeStock-MarketJimmy Fallon takes a dig at Trump's Truth Social app over nosediving...

In a plot twist so bizarre it could have been ripped from the pages of one of his ghostwritten books, Donald Trump’s vaunted “Truth Social” platform has gone full fiction—at least from an economic standpoint. Jimmy Fallon mercilessly mocked the former president’s debacle on The Tonight Show, quipping that Truth Social’s stock value “tanked so fast, they’re changing its name to Twitter.”

Yes, the very social media app Trump launched as an end-run around his Twitter ban after the January 6th insurrection has taken a calculated truth bomb squarely to its balance sheet. Shares of Trump Media & Technology Group, Truth Social’s parent company, cratered over 21% on Monday after an auditor bluntly disclosed “substantial doubt” about the firm’s ability to remain a “going concern.”

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The financial barbarians weren’t done pounding at Truth Social’s gates either. In a single day’s Ides of March-esque plundering, over $1 billion was lopped off the company’s market capitalization after it revealed a staggering $58.2 million in losses for 2022. For a platform supposedly “standing up to Big Tech,” those are some fairly big numbers in the wrong direction.

The implosion has directly detonated Trump’s personal net worth as well. Estimates show the former president’s stake in Truth Social has been downsized from a hypothetical $4.88 billion to a vaguer $3.83 billion—a reality his famous headgear would have trouble concealing even on the most windswept of golf courses.

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Rubbing salt in Truth Social’s gaping wounds, Fallon unveiled his trademark Trump impersonation: “My Bible is doing so well,” the late night host cawed, suggesting the increasingly desperate former commander-in-chief may be reduced to handing out copies of sacred scriptures as a side hustle.

While undoubtedly rich comedic fodder for riffing comics, Truth’s nose-diving financials come at a fraught moment for Trump’s overall legal and financial exposure. Earlier this year, a New York judge commanded the twice-impeached former president to cough up $355 million plus interest for fraudulently manipulating statements of his net worth.

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Trump was also slapped with $83.3 million in damages for defaming writer E. Jean Carroll after a jury found him liable for sexual abuse against her. Per the Associated Press’ tally, Trump’s total legal debt from the varied lawsuits and potential criminal charges could now surpass a half-billion dollars.

With his signature social media gambit now teetering, Trump may need to direct-message the authors of “The Art of the Comeback” for their next availability. For now though, the public reckoning over Truth Social’s fantastic implosion looks primed to offer late night jesters ample mining opportunities for comedic gold—rubbing some hard-earned salts into Trump’s self-inflicted wounds.

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Mezhar Alee
Mezhar Alee
Mezhar Alee is a prolific author who provides commentary and analysis on business, finance, politics, sports, and current events on his website Opportuneist. With over a decade of experience in journalism and blogging, Mezhar aims to deliver well-researched insights and thought-provoking perspectives on important local and global issues in society.

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