President Joe Biden is mocking his predecessor’s social media company as its stock has taken a steep dive.
During a campaign speech on Tuesday, Biden addressed his tax plan, saying, “We’re not asking anything that’s unusual. Under my plan, nobody earning less than $400,000 will pay an additional penny. I hope you’re all able to make 400,000. I never did.”
“But they’re not going to pay an extra penny in federal taxes. That’s a promise. Nobody. Not one penny,” he continued.
Biden went on:
“You know, I have to say, if Trump’s stock in the– Truth Social, his company, drops any lower, he might do better under my tax plan than his.”
Watch the video below:
President Joe Biden joked about Trump’s stock in Truth Social while campaigning in Scranton, Pennsylvania. pic.twitter.com/CiY8htvkxg
— Newsweek (@Newsweek) April 17, 2024
Former President Donald Trump’s Trump Media has seen the fallen of its stock drop significantly since it went public late last month.
According to CNBC, “The price of Trump Media shares closed trading more than 14% lower Tuesday, hours after after the company announced its Truth Social platform is moving to launch a live TV streaming platform.”
“The sharp fall of DJT shares came after they ended trading Monday on the Nasdaq down by more than 18%,” it noted. “DJT closed at $22.84 per share, 14.17% lower than the opening price.”
The price of the stock, as of Tuesday, has fallen 67.7% since it started being traded publicly — wiping out roughly $5 billion in market capitalization.
Trump is the majority shareholder with roughly 60% of the shares.
