Joe Biden Mocks Trump's Truth Social Downturn to Audience's Amusement

Biden addresses crowd amid ongoing political and economic discussions

by Zain ul Abedin
Joe Biden Mocks Trump's Truth Social Downturn to Audience's Amusement
© Eduardo Munoz Alvarez/Getty Images

President Joe Biden delivered a humorous blow to former President Donald Trump during a speech in Pennsylvania on Tuesday. Biden playfully commented on Trump's dwindling fortunes as his media company's stock continues to slide.

Amidst an animated crowd, Biden quipped, "If Trump’s stock in Truth Social—his company—drops any lower, he might do better under my tax plan than his," sparking laughter and applause from the audience. Trump Media & Technology Group Corp., which entered the public market last month, initially soared to nearly $80 per share, temporarily boosting Trump into the ranks of the Bloomberg Billionaire Index of the world's richest 500 individuals.

Since that peak, however, the company's fortunes have sharply reversed. On Tuesday, shares closed at $22.84, marking a significant decline. Owning approximately 60% of the company’s stock, Trump has seen a considerable drop in his net worth, resulting in his removal from the billionaire index.

Biden's Quip Deepens Divide

The downward trajectory worsened following a recent SEC filing by the company, which disclosed only $4.1 million in revenue last year against losses exceeding $58 million. The filing also highlighted a warning from auditors about "a substantial doubt" concerning the company’s ability to continue operating in the long term.

In his speech, Biden did not miss the opportunity to needle his predecessor with another jest further, saying, "Just the other day, a defeated-looking guy came up to me and asked if I could help. He was drowning in debt. I said, ‘I’m sorry, Donald, but I can’t help you.’" This line, which Biden has used in other recent appearances, added to the evening's light-hearted mood while underscoring Trump's ongoing financial and legal troubles.

Trump is currently grappling with financial repercussions from numerous legal challenges, facing nearly half a billion dollars in fines, fees, interest, and other penalties. These financial woes come as he appeals recent legal rulings, seeking relief from his burdensome debts.

Joe Biden