Trump Media and Technology Group (NASDAQ: DJT), the parent entity of the X-like Truth Social platform, has chosen to hit hard against a Washington Post story that painted a morose picture of the company's investors, who've suffered in recent days via a paradoxical share price slump despite Trump's resounding electoral success.
To wit, the Washington Post raised four major points against Trump Media and Technology Group (TMTG) in its just-published story:
- Most of the ~650,000 TMTG shareholders are retail investors, many of whom invested in the company as a token of faith in the president-elect.
- Despite Trump's convincing win in the recent US presidential elections, TMTG shares have floundered as the company faces an "identity crisis." To support its hypothesis, the Post points towards the fact that over the first nine months of the year, Trump Media and Technology Group earned just $2.6 million in revenue and burned $363 million in cash (read our post on this topic here). Also, Trump has just 8 million followers on Truth Social vs. 95 million on X.
- The Post asserts that "Trump’s new real-world and online power" precludes the need for a censorship-free platform.
- As per a tabulation by Similarweb, Truth Social recorded just 10 million visits in October, which corresponded to a 20 percent sequential drop from September's total visits. In contrast, X recorded 4.6 billion visits in October.
Now, Trump Media and Technology Group has chosen to push against the Washington Post's characterization of the company's state of affairs and its refusal to print its statement in its entirety.
Our readers can access the entire response here. For the benefit of our readers, we'll reproduce the choicest parts of TMTG's response below:
"The Post included exactly two words of our response and refused to print the rest. Harwell misses the irony that in a hit piece ridiculing the need for a company to operate a censorship-free platform, the Post censored the company's statement."
Bear in mind that Trump currently retains a mammoth 59 percent stake in Trump Media and Technology Group, which corresponds to 114.75 million shares.
As we noted earlier this week, TMTG is apparently trying to re-invent its flagging core business by entering the crypto sphere. As per the reporting by the Financial Times, Trump Media and Technology Group (TMTG) is purportedly in advanced talks to acquire Bakkt, a dedicated crypto exchange owned by Intercontinental Exchange.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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