Trump Media & Technology Group's (TMTG) stock plunged 5.07% in the 24-hour period following Donald Trump's inauguration as the 47th President of the United States on Monday. The decline came after Trump's combative inauguration speech, which signaled a tougher stance on regulating social media companies.
In his address, Trump vowed to prioritize "America's interests" and take on a "radical and corrupt establishment." He cast his victory as divinely ordained and emphasized regaining US sovereignty, with plans to declare national emergencies on issues like immigration and energy.
While Trump did not directly mention social media platforms, his rhetoric hinted at a more adversarial approach towards tech giants. This could raise concerns about increased scrutiny or regulations for companies like TMTG, which operates the Truth Social platform. The company was founded by Trump after he was banned from mainstream social media sites following the January 6th Capitol riots.
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