The social network of the newly elected president of the United States of America, Donald Trump, has experienced a decline in the value of shares, a few days after he won the presidential elections. However, with a single post on "Truth Social", Trump managed to corner the stock and make half a billion dollars.
On Friday, shares in the markets fell. "Truth Social" experienced a 42 percent drop from its peak on Friday. Traders usually buy stocks when positive news about that company is expected – and when that happens, they sell them as soon as they have a satisfactory profit.
But then, on Friday, everything turned upside down. When the stocks started to fall, Trump became active with a post, he writes CNN.
"It's all fake, and probably speculation made by market manipulators who say I'm interested in selling shares in 'Truth.' All these speculations are false. I have no plans to sell them", he wrote.
It didn't last long. Shares rose 15 percent. Trump is the largest shareholder in the company, and his 114.75 million shares are now worth about $3.7 billion, up from $3.2 billion on Friday morning.
Trump's social network is much smaller compared to tech giants like "X", "TikTok" and "Instagram". "Truthi" earned only one million dollars in the last quarter.
After Trump won the US election, concerns have been raised about ethical violations if he will use the social network as president for personal gain.
