President Donald Trump spent Tuesday evening in disbelief as the walls of his carefully crafted alternate reality came crashing down around him.
On his social media echo chamber Truth Social, Trump took cheap shots at senators in his party who suffered humiliating defeats in Republican strongholds, lashed out at his allies at Fox News — going as far as to text one of its hosts in fury — and even vowed to become a “political pundit.”
Meanwhile, as he watched his personal picks fall one by one, what was left of his deserted social media platform crumbled to dust. Shares of Truth Social’s parent company, Trump Media & Technology Group (TMTG), crashed to an all-time low of just $5.23 Wednesday morning, after already spending much of the year circling the drain. Shares are now hovering around $5.30, dropping more than 10 percent overnight — and a stomach-churning 60 percent since the beginning of this year.
It’s yet another massive defeat for a company that has struggled to justify its own existence, let alone convince investors of pivots that have yet to pay off in any meaningful way. The company has attempted to reinvent itself several times, from major investments in Bitcoin and an attempted embrace prediction markets to an eyebrow-raising merger with a nuclear fusion company last year.
None of those efforts have shown any sign of life. And it’s core business is failing as well: recent analytics suggest that daily traffic on Truth Social has cratered by over 30 percent over the past year, compounding enormous losses quarter after quarter. It’s financial situation is a disaster as well, with the company reporting a staggering $238 million loss in the second quarter of this year — while earning less than $2 million over the same period.
Trump’s staggering loss in the midterms — an outcome widely seen as a major rebuke to him personally, despite not being on the ballot — is unlikely to save the company from its growing irrelevancy.
For now, the president will have to lick his wounds by complaining to the few MAGA stalwarts left on Truth Social — a sad predicament for a man who handily defeated his presidential opponent a mere two years ago.
More on Truth Social: Truth Social Stock Hits All-Time Low as Userbase Craters on Trump’s Twitter Clone
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