Advertisement
Canada markets close in 2 hours 53 minutes
  • S&P/TSX

    22,103.65
    +205.67 (+0.94%)
     
  • S&P 500

    5,255.52
    -11.43 (-0.22%)
     
  • DOW

    38,177.45
    -264.09 (-0.69%)
     
  • CAD/USD

    0.7318
    +0.0027 (+0.37%)
     
  • CRUDE OIL

    78.00
    -1.23 (-1.55%)
     
  • Bitcoin CAD

    93,863.12
    +1,689.65 (+1.83%)
     
  • CMC Crypto 200

    1,436.82
    -19.05 (-1.31%)
     
  • GOLD FUTURES

    2,368.80
    +4.70 (+0.20%)
     
  • RUSSELL 2000

    2,061.57
    +25.38 (+1.25%)
     
  • 10-Yr Bond

    4.5500
    -0.0740 (-1.60%)
     
  • NASDAQ

    16,844.08
    -76.50 (-0.45%)
     
  • VOLATILITY

    13.76
    -0.52 (-3.64%)
     
  • FTSE

    8,231.05
    +47.98 (+0.59%)
     
  • NIKKEI 225

    38,054.13
    -502.74 (-1.30%)
     
  • CAD/EUR

    0.6748
    +0.0002 (+0.03%)
     

Joe Biden Taunts Trump Over Truth Social Stock Plunge As Crowd Laughs

President Joe Biden cracked a joke at Donald Trump’s expense on Tuesday, mocking the former president’s financial struggles as the value of his media company continues to plunge.

“If Trump’s stock in Truth Social ― his company ― drops any lower, he might do better under my tax plan than his,” Biden said in Pennsylvania, causing the audience to erupt with laughter:

Trump Media & Technology Group Corp., which went public last month, once hit nearly $80 a share, briefly putting Trump on the Bloomberg Billionaire Index of the world’s richest 500 people.

ADVERTISEMENT

Since then, however, shares have tanked, closing at $22.84 on Tuesday. Because Trump owns about 60% of the company’s stock, his net worth has plunged as well ― and he’s already lost his spot on the billionaire index.

The shares have been on a steep decline since the company revealed in an SEC filing two weeks ago that it earned just $4.1 million in revenue last year while losing more than $58 million. The filing also contains ominous words from an auditor, who said there is “a substantial doubt” that the company can “continue as a going concern.”

Biden cracked another joke at Trump’s expense, breaking out a line he’s used at other recent events that also refers to the former president’s financial struggles.

“Just the other day, a defeated-looking guy came up to me and asked if I could help. He was drowning in debt,” Biden said. “I said, ‘I’m sorry, Donald, but I can’t help you.’”

Trump has been hit with nearly half a billion dollars in fines, fees, interest and other penalties as a result of his recent legal defeats.

He’s currently appealing those decisions.

Related...