Tue Sep 24 03:50:58 UTC 2024: ## Trump Media Stock Plummets to All-Time Low, Losing Over 80% of Value
Shares of former President Donald Trump’s media startup, Trump Media & Technology Group (DJT), experienced a sharp decline on Monday, closing at $12.15, marking a 10.3% drop and its lowest point since going public six months ago. This continues a downward trend that has seen the stock lose 17% since Thursday, with critics like former Rep. Adam Kinzinger celebrating the slump.
Since its initial surge in March following a SPAC deal, DJT has lost over 80% of its value, going from a peak market capitalization of $9.5 billion to around $2.4 billion.
The decline coincides with the end of the stock’s lockup period, which prevented Trump and other major investors from selling shares. The former president, who owns almost 60% of the company, has repeatedly denied plans to sell despite the stock’s struggles.
Trump Media’s financial performance has also been dismal. The company reported a net loss of over $16 million in the quarter ending June 30, with revenue of just $836,900, a 30% drop from the previous year.
The stock’s volatility and the company’s financial troubles have fueled skepticism about Trump Media’s future. While the company promotes Truth Social as a haven for free speech, the platform largely serves as a platform for Trump’s own pronouncements, with user engagement remaining unclear.
First Piper 