Biden Ridicules Trump for Truth Social’s Plummeting Stock Price

In Scranton, Pa., President Biden talked about his tax plan and made a joke about former President Donald Trump’s financial troubles, specifically regarding the decline in the stock of his media company, Truth Social, as reported by The Hill (source).

Biden’s comments coincided with Trump Media & Technology Group’s announcement of expanding Truth Social to include live streaming options with news and various programming, according to CNBC (source).

During his speech, Biden emphasized that those earning less than $400,000 would not face additional taxes under his tax plan, contrasting it with Trump’s situation.

“If Trump’s stock in Truth Social continues to drop, he might benefit more from my tax plan,” joked Biden, triggering laughter from the audience.

Trump Media’s stock has plummeted since its debut, dropping over 13 percent in a single day to around $23 per share. The initial rise to $79 on the first day of trading has significantly impacted Trump’s ownership stake in the company, nearly 58 percent.

In addition to his jest, Biden made a joke comparing a “defeated-looking guy” to Trump, eliciting laughter and applause from his supporters.

Truth Social CEO Devin Nunes expressed optimism for the company’s future.

“We’re excited to move forward with the next phase for Truth Social,” Nunes stated in a press release.

The company’s plans for its streaming platform include live TV, news networks, religious channels, and family-friendly content.

Trump Media intends to introduce streaming content in three phases, starting with a content delivery network for the Truth Social app, standalone streaming apps for various devices, and apps for home television.