During a speech in Scranton, Pennsylvania, President Biden couldn’t resist poking fun at former President Trump’s media venture, Truth Social, whose stock had taken a remarkable hit on the market.
With a touch of humor, Biden remarked that if Trump’s stock continued its downward trend, the former president might find himself benefiting more from Biden’s tax plan than from the success of his own media company. The audience responded with laughter, enjoying the light-hearted jab at Trump’s expense.
Truth Social, launched by Trump Media & Technology Group, had experienced a rollercoaster ride in the stock market. After a promising start with shares initially trading at around $79, the stock value plummeted to roughly $23 before the closing bell on Tuesday.
President Joe Biden (Credits: CNN)
As Trump owns a substantial portion of Trump Media shares, the decline in stock value represents an outstanding financial setback for the former president.
In response to Biden’s remarks, Truth Social emphasized its commitment to free speech and highlighted Biden’s own presence on the platform, suggesting that even the president recognizes the value of a social media platform that prioritizes open dialogue.
The company also underscored its financial stability, boasting of having no debt and over $200 million in the bank.
Joe Biden (Credits: Daily Citizen – Focus on the Family)
Biden didn’t miss the opportunity to revisit a joke about Trump’s legal fees, adding to the playful banter surrounding the former president’s financial situation. Recounting an encounter with a “defeated looking guy” seeking help with debt, Biden humorously quipped that he couldn’t offer assistance, drawing more laughter from the audience.
The lighthearted exchange reflects the ongoing political dynamics between Biden and Trump, with each taking playful jabs at the other’s endeavors. While Biden’s remarks provided some comic relief, they also underscored the challenges faced by Trump’s media venture and the broader implications for the former president’s financial interests.
As Truth Social navigates its fluctuating stock value and Biden advances his tax plan, the political and economic landscape continues to evolve, shaping the narrative of the post-presidential era.
