Trump cost himself $67M with bid to cater to the 'America First' crowd
Trump Media & Technology Group, a corporation majority-owned by the president, launched five new investment products aimed at the "America First" crowd on Tuesday, according to a new report, a move that created a roughly $67.7 million hole in Trump's pocket.
Barron's reported on Tuesday that Trump Media launched five new "America First"- themed Exchange-Traded Funds, a move that caused the company's stock price to fall by 4.48% at the closing bell. The ETFs focus on sectors such as commercial real estate, defense, and technology, according to the report.
Trump holds about 114.75 million shares of Trump Media, and the stock lost $0.59 per share on the day.
The move occurred at a time when Trump is seeking to keep his fraying MAGA coalition together following the disastrous release of the FBI's investigation files into disgraced financier Jeffrey Epstein. The administration has released several files that paint the president's relationship with Epstein in an unscrupulous light.
Several MAGA fans in Congress like Reps. Marjorie Taylor Greene (R-GA), Lauren Boebert (R-CO), and Thomas Massie (R-KY) all voted against the president to force the administration to release the files.
Greene has also openly disavowed the MAGA movement and said she is now part of the "America First" coalition.