Mar-a-Lago in Palm Beach, Florida served as the backdrop for an event celebrating the public listing of former President Donald Trump’s social media company, despite the company’s plummeting stock value. As right-wing figures mingled under the evening sky, including radio host Sebastian Gorka and actor Jon Voight, country singer Lee Greenwood performed his hit “God Bless the USA” for attendees, culminating in a salute with Trump.

During his speech at the event, Trump assured investors to remain calm, emphasizing the company’s substantial cash reserves of over $200 million as reported by attendees. However, the mood on Trump’s social media platform, Truth Social, was less optimistic following the celebration as users expressed disappointment over the stock’s performance.

Since late March, shares of Truth Social’s parent company, Trump Media and Technology Group, have experienced a sharp decline of over 50% due to the company’s poor financial standing. Despite the significant decrease, the company maintains a valuation exceeding $4 billion, a figure that defies traditional valuation metrics. Trump supporters have been instrumental in keeping the stock afloat, though short-sellers remain skeptical of its future performance.

On Truth Social, retail investors exchange encouragement, citing perseverance in the face of adversity. Some users liken the company’s trajectory to that of high-growth tech firms, expressing optimism for the platform’s potential growth. Speculation among users at the Mar-a-Lago event hints at a potential turning point for the company, fostering excitement for what lies ahead.

Trump’s majority ownership of Truth Social’s shares has not deterred him from seeking to gain more control through legal means. In a recent lawsuit against his co-founders, Andy Litinsky and Wes Moss, former contestants on his reality show, Trump alleges underperformance and seeks to diminish their stake in the company. Litinsky and Moss have countered with their own lawsuit, challenging provisions that restrict the sale of their shares.

Despite concerns over negative press coverage and the stock’s decline, Truth Social users remain steadfast in their support, pledging to continue investing in the company. Some users even express eagerness to allocate significant funds towards purchasing more shares, underscoring a deep commitment to the platform’s success. The fervor surrounding Truth Social among its user base reflects a strong belief in the company’s potential for growth and success in the future.