In the midst of reporting on the latest Supreme Court rulings and Donald Trump's lawyers trying to get Judge Aileen Cannon to dismiss obstruction of justice charges filed against their client, CNN's Wolf Blitzer interrupted the coverage to point to a chart showing the price of stock in Trump Media spiraling downward on Friday afternoon.
"Look at this live" he exclaimed after returning from a commercial break as his producers displayed a chart that showed a precipitous decline that continued downward during the report.
"This is a live look at the stock of the parent company of Donald Trump's Truth Social business since Trump's felony convictions in New York three weeks ago. Truth Social has lost roughly half its value. Trump Media prices have been rapidly dropping since May dealing a huge blow to the former president's net worth."
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"Truth Social is hurting big time now, what is happening?" the CNN anchor asked CNN's Matt Egan.
"Well, this is a stock that is basically in freefall mode right now," Egan replied before adding, "Trump Media was trading above 50 bucks as recently May 30. Of course, that's the day that Donald Trump was convicted here in New York. and within seconds of that conviction, we saw the stock price plunge and it's just snowballed since then. This company has now lost over half of its value in just three weeks —that's staggering losses."
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"Remember experts have said that Trump Media is basically a meme stock, it is trading on hype and momentum, not fundamentals," he added. "It's valued in the billions of dollars even though it generates very little revenue."
"Now, no matter the cause, this selloff has wiped out a huge chunk of the value of the stock of the company's chairman and leading shareholder, Donald Trump this stake was worth about $6 billion as recently as three weeks ago. now, it's down to around $3 billion and this selling may not be done."
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