Trump media shares tumble after recent cash crunch disclosed

(Image: Getty)

Wed, 03 Apr 2024

By Amrith Ramkumar Shares of Truth Social’s parent tumbled Monday after Donald Trump’s social media company disclosed it nearly ran out of cash last year and would have struggled to survive without the recent deal that took it public.The stock slid 21%, giving it a market value of about US$6.7 billion (NZ$11.2b) and erasing more than NZ$1b from the presidential candidate’s approximately 57% stake in the company.The selloff may be significant because the stock was driven higher by Trump supporters who banded together on so...

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