Trump Meme Coin Falls Alongside Stock of Logistics Firm That's Stockpiling It
Freight Technologies' stock price fell 30% to around $1.50 after announcing plans to raise funds for acquiring U.S. President Donald Trump’s meme coin as a treasury asset. Shares had previously surged to $3.83 following the announcement. Concerns have been raised about potential conflicts of interest regarding the president's business interests, with accusations of creating a "bribery bucket" for companies. The price of the TRUMP coin has decreased by 25.5% to below $11 since its debut, which peaked at $74. Freight Technologies aims to raise up to $20 million through convertible senior notes, with an initial offering of $1 million. CEO Javier Selgas stated that acquiring TRUMP tokens would help advocate for trade between Mexico and the U.S. Ethical concerns have been voiced regarding the potential for foreign influence and "pay to play" dynamics associated with the token's holders gaining access to exclusive events with Trump.
