Jimmy Fallon had some fun at Truth Social’s expense Monday night following the social media app’s massive stock drop.
On Monday, the company’s stock fell by more than $1 billion after it was revealed the company lost $58.2 million last year. An auditor also disclosed they had “substantial doubt” over the company’s ability to continue operating.
“Truth Social’s stock tanked so fast, they’re changing its name to Twitter,” Fallon said, nodding to the company’s history as a Twitter replacement for Trump after he was kicked off the platform.
“When he heard that another one of his businesses was tanking, Trump was like, ‘They blow up so fast,'” Fallon added.
The drop in Truth Social’s stock has had a notable impact on Trump’s own wealth. Truth Social is owned by Trump Media & Technology Group, which has seen its shares drop 21.5% as investors continue to analyze the social media company. Initially, Trump’s stake in the company was worth an estimated $4.88 billion. Following this revelation of Truth Social’s losses, that stake fell to $3.83 billion.
“Trump’s so panicked he’s now selling copies of the Torah,” Fallon said of the drastic one day loss. He then launched into his Trump impression, saying, “My Bible is doing so well.”
This financial drop has come during a difficult time for Trump. According to the AP, Trump’s legal debts may now exceed half a billion dollars. This estimate includes the $355 million plus interest he was ordered to pay after a New York judge ruled Trump had manipulated his net worth as well as the $83.3 million he was ordered to pay writer E. Jean Carroll for damaging her reputation. In May of 2023, a jury found Trump liable for defamation and sexual abuse against Carroll to the tune of $5 million. Following additional remarks from the former president, Carroll was awarded the additional $83.3 million in damages.
