Donald Trump‘s political campaign carries the torch for the “America First” doctrine, yet recent reports suggest his media venture is straying from this narrative.
Challenging the ‘America First’ Narrative
Whistleblower revelations have surfaced concerning Trump Media & Technology Group Corp DJT, with accusations that CEO Devin Nunes is steering the company towards an “America Last” employment strategy.
ProPublica’s expose details how the internal complaint denounces Nunes for offshoring roles, opting for foreign contractors over American counterparts—contrary to Trump’s vow to curb outsourcing.
The complaint, reviewed by ProPublica, advocates for Nunes’ removal, highlighting managerial missteps and escalating legal hazards. Allegations of inept handling of crucial business functions and staffing influential positions with unqualified confidants have surfaced, pulling the enterprise off course, according to ProPublica.
Responding to queries, a Trump Media & Technology Group spokesperson disclosed plans to pursue legal recourse against ProPublica, alleging their article to be defamatory.
DJT Stock Soars Despite Absence of Revenue
Despite the lingering ProPublica exposé, DJT shares have taken flight, nearly doubling in value since mid-September. Over the past month alone, DJT stock has surged by an impressive 143.46%.
As speculators bank on Trump’s potential electoral fortunes, DJT has entrenched itself as a beloved meme-stock. The stock’s meteoric rise—which some align with heightened odds of a Trump resurgence in 2024—is notably striking given that Truth Social, its flagship platform, yields negligible revenue.
Chart created using Benzinga Pro
Technical metrics reveal an enthralling narrative for traders. DJT stock continues to trade above its eight, 20, and 50-day moving averages, hinting at bullish momentum. Yet, its 200-day average cautions with a hint of bearishness.
Chart created using Benzinga Pro
While the Moving Average Convergence/Divergence (MACD) maintains positivity at 3.24, the scenario hints at caution with a Relative Strength Index (RSI) of 68.32, tiptoeing towards overbought conditions.
Could This Turmoil Deter DJT’s Upward Trajectory?
Amidst DJT shares lingering around $30 per share, investors revel in the storm of volatility.
Nevertheless, the accusations brewing in the whistleblower disclosure might incite regulatory scrutiny, potentially quelling the ongoing stock fervor.
As per ProPublica, the communique warns that failing board intervention could pave the way for a PR catastrophe, suffusing investor sentiment with uncertainty.
Read Next:
Photo: Shutterstock
Market News and Data brought to you by Benzinga APIs