Shares of Trump Media & Technology Group have experienced a significant downfall, dropping over 40% in the past month. The latest blow came as the stock plunged more than 11% this week, following a weak earnings report and the return of former President Donald Trump to rival social media platform X. The company's troubles began last month, causing a staggering 43% decline in its stock value. Despite the downward trend, some investors express unwavering optimism and continue to stand by the company as a show of support for Trump.

Todd Schlanger, an interior designer from West Palm Beach, shares his reasons for investing in Trump Media, stating, "I'm a Republican, so I supported him. When I found out about the stock, I got involved because I support the company and believe in free speech." Schlanger, who owns approximately a thousand shares, praises the user interface of the Truth Social platform and eagerly anticipates the expansion of the company's streaming services. He confidently predicts that Truth Social will become as strong as Facebook or Twitter.

Other investors view their investment in Truth Social as an expression of support for the former president rather than a quest for financial gain. Teri Lynn Roberson, who purchased five shares, explains, "I did it more as a statement to President Trump and to show support at the time. I wasn't really looking to make a lot of money." Roberson remains unfazed by the stock's poor performance and believes that Trump's return to rival platform X could expand his audience beyond the echo chamber of Truth Social, potentially benefiting his presidential campaign.

The declining stock performance is of particular concern to Donald Trump himself, as he holds a 65% stake in Trump Media & Technology Group. According to Fortune, Truth Social shares represent a significant portion of his overall net worth. In the company's recently released earnings report, it shows a loss of over $16 million in a three-month period ending in June. The report also reveals a 30% decrease in revenue from the previous year. Despite these figures, Truth Social CEO Devin Nunes remains optimistic, highlighting the company's strong balance sheet with $344 million in cash and no debt.

However, investors responded unfavorably to the earnings report, causing the stock price to continue its decline. The situation worsened when Donald Trump made his first post on rival platform X in almost a year. Tesla CEO Elon Musk, who now owns the platform, spoke with Trump in an interview broadcast on X. While Trump is contractually bound to post personal content on Truth Social first, he is allowed to make politically-related posts on other social media platforms. So far, Trump has refrained from using social media beyond Truth Social apart from a series of political posts on X.

Michael Rogers, a masonry company owner from Asheville, North Carolina, reveals that he has been an investor in Truth Social since before the company went public. Rogers, who plans to vote for Trump in the upcoming election, expresses his faith in the company's financial outlook and sees his investment as a balance between political support and confidence in the company's potential. Rogers remains undeterred by Trump's return to X and acknowledges the need for the company to improve its revenue figures.

Analysts categorize Truth Social's performance as that of a "meme stock," driven by ideological appeal rather than financial projections. The stock experienced a boost of around 30% following an assassination attempt against Trump in July but has since tumbled to approximately $23 per share, representing a two-thirds drop from its peak. Analyst Tyler Richey suggests that the decline in recent weeks may be linked to Vice President Kamala Harris' surge in voter surveys, which has impacted perceptions of Trump's election prospects.

As the fate of Trump Media & Technology Group hangs in the balance, some investors remain hopeful, seeing their commitment as a way to express support for Trump's politics and the principle of free speech. With the company's financial outlook under scrutiny, only time will tell if Truth Social can regain its stride and prove itself as a formidable player in the social media landscape.