Supporters of Donald Trump, who believed everything he touches turns to gold, are finding out the hard way that investing in the president has turned into a bad bet.
According to a Saturday report from the Wall Street Journal, since Trump was inaugurated in January, shares in the parent company behind the president’s Truth Social platform have spiraled downward 75 percent and the numbers for Trump-branded “meme coins” have suffered a worse fate as of late.
With the Journal reporting that the market has “soured” on Trump brands, reporter Jack Pitcher wrote, “Digital ‘meme coins’ named for Trump and first lady Melania Trump are down 86% and 99% since inauguration day, respectively. And one of the Trump family’s crypto ventures, a token called World Liberty Financial, has dropped roughly 40% since its September launch.”
Noting the market for such investments have also seen slumps, the Journal is reporting, “The turnabout has been particularly stark with stocks and digital tokens with direct associations to the president and his family. They have been hit hard by a broader slump affecting the priciest and most-speculative corners of the market.”
According to the Journal, the president’s stunning second term win led of a flood of financial activity with regard to anything Trump which now has some investors wondering if they need to pack it in and take a loss.
As the Journal’s Pitcher is reporting, “DJT, for example, trades at 1,240 times its annual revenues, according to FactSet. And the Trump family’s various crypto businesses, including World Liberty Financial and American Bitcoin, have been swept up in a recent drop in cryptocurrencies. One of many users discussing the stock on Reddit investing forums last month self-identified as a ‘DJT bag holder’ who bought at $46 a share. The stock is now trading at $11.07. ‘When do I give up on this and move on?’ user SimpleMindHatter asked.”
You can read more here.
The post Melania ‘meme coin’ value bottoms out as Trump brands collapse: WSJ appeared first on Raw Story.
