Trump Media & Technology Group, the parent company of Truth Social, recently celebrated its success at a party held at Trump’s Mar-a-Lago club. Despite the company’s stock price dropping nearly 60% from its high, former president Donald Trump and other company executives toasted to the company’s success. Trump boasted about the company having no debt and over $200 billion in cash, reassuring attendees that the company is in a strong financial position.
The party was attended by various high-profile figures, including Trump Media CEO Devin Nunes, board members Linda McMahon and Kash Patel, and Donald Trump Jr. Entertainment was provided by Lee Greenwood, who performed “God Bless the USA.” Notably, Roger Stone, Jon Voight, Larry Elder, and Kimberly Guilfoyle were also in attendance. The event received all necessary approvals and was in compliance with applicable rules, but it remains unknown how much, if anything, the company paid for the venue.
While the exact amount Trump Media paid Mar-a-Lago for the event is unknown, similar events at the club have cost political committees anywhere from $12,000 to $79,000. Trump has been actively involved in generating revenue through various means, including selling Trump-branded merchandise and “God Bless the USA” Bibles. These ventures appear to be successful, with sales of the Bibles reportedly doing well. Trump also highlighted the success of Truth Social in spreading his political messaging, noting that he has endorsed over 200 candidates through the platform.
Despite the success of the celebration, Trump Media investors woke up to news that the company had filed paperwork to issue an additional 146 million shares, causing the stock price to drop further. However, Trump himself stands to profit significantly from his ownership stake in Trump Media, which is currently worth about $2 billion. He is also set to receive additional shares over the next three years if the stock price remains above certain thresholds. In the meantime, he continues to rely on his real estate holdings for income.
Overall, the celebration at Mar-a-Lago served as a symbol of Trump Media’s success and the former president’s enduring influence in the media and technology industry. While the company’s stock price may have seen a recent decline, Trump remains confident in the company’s financial stability. With ongoing ventures such as Truth Social and the sale of branded merchandise, Trump continues to generate revenue and expand his business empire. As for investors, the recent filing for additional shares may have caused some uncertainty, but Trump’s continued involvement and potential for growth in the company suggest a promising future ahead.
