On Tuesday, President Joe Biden made light of the financial difficulties faced by former President Donald Trump and the continuing decline in the value of his media company through a jest.
“Had Trump’s company, Truth Social, experience a further decline in its stock price, he might fare better under my tax plan than his,” Biden said in Pennsylvania, to the delight of the audience.
A month after going public, Trump Media & Technology Group Corp. once reached a share price of nearly $80, momentarily placing Trump on the Bloomberg Billionaire Index of the 500 wealthiest individuals in the world.
However, since then, the stock has plummeted, closing on Tuesday at $22.84. Due to his ownership of approximately 60% of the company’s stock, Trump has experienced a significant decline in net worth and has already been removed from the billionaire index.
Since the company disclosed in an SEC filing two weeks ago that it generated a meager $4.1 million in revenue and incurred losses exceeding $58 million, the shares have been in a precipitous decline. A further ominous statement was included in the filing from an auditor, who expressed “significant doubt” regarding the company’s ability to “continue as a going concern.”
Biden delivered an additional jest directed at Trump, recalling a line he has utilized at other recent events that similarly alludes to the former president’s financial hardships.
“A gentleman who appeared despondent approached me the other day and sought for my assistance. “His debt was beyond his means,” Biden stated. “I expressed regret, Donald, but I am unable to be of assistance to you.”
In addition to interest, fees, and fines, Trump has incurred nearly $500 million in penalties due to his recent legal setbacks.
He is an appealer of those decisions at this time.
