Will the stock market's Truth Social tailspin cause die-hard MAGAs to get a clue, dump Trump, and finally start taking the 2024 presidential election seriously?

(Reuters)

Donald Trump's Truth Social stock is crashing to earth, raising this question: Just how bad can it get for the severely wounded stock and the investors who unwisely put money into it? The Above the Law (ATL) legal website examines the wreckage and provides its take on the matter -- and does it with a touch of its trademark snarkiness under the headline "Truth Social Stock Price Tanks, We All Wonder, “How Low Can It Go?” Jonathan Wolf, at ATL's Finance Docket newsletter, writes:

We can all agree that if this were a Limbo contest rather than a theoretically money-making endeavor, the Truth Social stock price would be absolutely crushing it. As it stands, however, all that this corporate fiasco is crushing is its small-dollar investors.

Shares of Trump Media & Technology Group, which owns Truth Social, continue to slide. When the markets closed on April 9, a single share was valued at less than half of the security's all-time high price of $79.

The Truth Social tailspin already has had unpleasant repercussions for its owner. We can only imagine how much fun it has been for retail investors, like MAGA supporters. Wolf writes:

The market bloodbath has been so severe that Donald Trump (the company's largest shareholder) was dropped from the Bloomberg Billionaires Index, a ranking of the 500 richest people on earth. Sad!

Of course, none of this is a surprise to most of us, given that Trump Media has almost no revenue and is rapidly bleeding capital. We'll see how close the stock can get to zero before the restrictions on Trump's personal shares expire.

What impact will this have on MAGA investors? That's hard to say. The rational ones -- assuming there are any -- might notice the blood dripping off their wallets and recognize this truth: If Trump can't run a relatively small company, maybe (just maybe) he's not the guy to be running the U.S. economy. But if the MAGAs' brains have shut down -- or never were turned on in the first place -- their support for Trump will remain firm, likely leading them, and our country, to a place where severe headaches (think recession, staggering inflation, trade wars, and other unpleasantness) are a part of daily life -- with a hapless malignant narcissist at the controls. What fun!

If the MAGAs examine the Truth Social tailspin and realize it's time to abandon Trump and take the 2024 election seriously, they could save themselves -- and the rest of us -- a whole lot of trouble. Hey, I'm a hopeful guy, so I actually believe that could still happen. But we are dealing with a glorified cult here, so I'm not counting on it.