Donald Trump on Friday urged his followers to support his social media app Truth Social as shares of its parent company continued to fall.
Trump in a postal On the app, he argued that the Truth Society embodies the political “movement” behind his “Make America Great Again” presidential campaign slogan, adding that “it shows the spirit and love of our country.”
“For those who believe in America First and want to make America great again, support the truth,” Trump wrote.
“We will be your voice like never before,” he wrote. “Our country needs a true voice because we are declining and we must make America great.”
It’s unclear whether Trump is urging his supporters to use the app or buy stock in the company Trump Mediawhich began publicly trading on Nasdaq last month.
The stock, codenamed DJT, rose more than 50% when it first went public on March 26, but plummeted in subsequent trading days.
Shares of Trump Media fell below $30 on Friday, down more than $40 from their initial surge. As of 11:30 a.m. ET, the stock was down more than 4% on Friday after falling even more on Thursday and Wednesday. The stock has fallen 50% so far in April.
Still, Trump is expected to receive a windfall from the company. Despite falling stock prices and a lack of company revenue, Trump Media still boasts a market capitalization of more than $4.2 billion.
Trump owns more than 57% of the company’s stock, but he is not allowed to sell his shares until a six-month lockup period expires.
Trump Media CEO and former Republican Rep. Devin Nunes has boasted that the company is “well-positioned” because it has no debt and $200 million in cash on hand. Nunes told Fox News on Monday that the company is considering adding video streaming capabilities to Truth Social and making it a hub for “cancelled” channels and documentaries.
Republican presidential candidate Trump defended Truth Society critics in early April.
Neither Trump’s posts nor Nunes’ comments have yet halted the stock’s decline.
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