Truth Social takes a $6 billion hit as shares plummet amid Trump’s hush-money trial

The stock soared when it first hit the Nasdaq in March. The decision to go public was seen as a potential financial lifeline for Trump as he pays various legal fees, fines and his campaign.

Earlier this month, CNBC contributed Herb Greenberg called it “the most overhyped meme stocks since the meme stock mania,” and said that “in any other world with any other name or person associated with it, this would be a penny stock.”

The stock plummeted for the first time at the end of March an SEC filing revealed that the company lost $58 million, in addition to $4.1 million in revenue. As the news spread, the stock price plummeted more than 21% in a single day and Trump’s fortune took a $1 billion hit.