In a notable development since last week, Trump’s eponymous corporation is running away from a key investment:
Trump Media & Technology Group (NASDAQ: $DJT) has moved to sell 2,650 Bitcoin (CRYPTO: $BTC) worth $205 million as losses on its cryptocurrency holdings reach $455 million U.S.
Trump Media has transferred the Bitcoin to Crypto.com, a move that is widely seen as the company preparing to sell the digital asset.
Trump Media runs the Truth Social platform that is based on X, formerly Twitter. The company bought 11,542 Bitcoin at an average price of $118,522 U.S. [Cryptoprowl via yahoo!finance]
I don’t know if Cryptoprowl is reliable, so I wouldn’t take their word for the report without some consilience, meaning independent lines of evidence leading to congruent conclusions. It’s also worth noting this is a deduction and not an announcement from Trump Media. However, this is a plausible move as cryptocurrencies, despite the backing of numerous celebrities and rich people, are slowly degrading as folks realize they are lack any novel and essential functionalities.
How is DJT doing? We’re still in the trading day, so confirming this will disappoint those of a precise temperament, but this will be close enough:
Source: yahoo!finance
The stock price has fallen through the $8/share floor today for the first time, before returning above. This means investor confidence is becoming weaker, and suggests the general recognition that Trump Media & Technology Group Corp. has a tenuous future, unworthy of investor dollars.
Investors from the MAGA world may find themselves exceedingly lonely, soon enough.
