‘Corrupt profiteering’
Some Democratic politicians, however, condemned Trump Media’s offering and have alleged that it could even be illegal.
“Hard to keep pace with the President’s corrupt profiteering off the presidency, but here’s yet another scheme, this time to save his failing social media business,” Sen. Adam Schiff (D, Calif.) posted on social media.
While it debuted on the Nasdaq in March 2024, closing at $57.99 per share, Trump Media’s stock price has since tumbled into the single digits. Truth Social was Trump’s response to his then-Twitter lockout following the Jan. 6, 2021, Capitol riot, but the company has lost more than $1 billion in the past two years. Trump Media is now trying to increase its stock price by diversifying through other ventures like cryptocurrency and nuclear fusion.
Sen. Richard Blumenthal (D, Conn.) posted on social media that with how influential Truth Social posts are to global markets, selling “preferential access is yet another example of flagrant corruption, trading access to the White House for Trump’s self-enrichment.”
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