Former President Donald Trump’s Media company Trump Media and Technology Group lost 22 percent of its value on Wednesday and another 14 percent on Thursday morning before trading was temporarily halted twice later in the day.
CNBC reported that trading in DJT stock on the NASDAQ “was halted twice Thursday morning as shares fell rapidly at the start of another volatile trading session.” Fortune magazine noted that Wednesday’s decline was the stock’s biggest sell-off in its trading history, adding that it cost Trump more than $1 billion of his net worth.
“Since Tuesday, more than $3 billion has been erased from the company’s market cap, although the stock is still up about 130% from its September low.” added Yahoo Finance, underscoring the blow to Trump Media investors this week.
Trump is the majority owner of Trump Media, the company that owns and operates his Truth Social platform. The company’s shares opened wide in March 2024 and the company went public, adding billions to Trump’s net worth.
However, the company has never posted significant profits and has been seen in recent months as a barometer of Trump’s political fortunes. His allies bought in when they thought he was likely to return to the presidency and dropped out when his chances seemed diminishing.
“Given TMTG’s total annual revenues are in the low single-digit millions – roughly comparable to the revenues of a handful of Starbucks stores – its current $8 billion market cap only makes sense in a scenario where Trump returns to the White House in January after the vote from Tuesday,” noted Fortune magazine as they reported on the sale.
DJT took a big hit last August after the company’s earnings reports came out. The stock drop came the day after the company’s quarterly report revealed just $836,900 in revenue for the company, valued at more than $4.5 billion. The company posted a net loss of $16.4 million for the second quarter ended June 30.
Trump himself also began reposting on X prior to the release of that report, which is a competitor to his Truth Social platform.
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