Shares of the parent company of Donald Trump’s social media platform Truth Social hit a new low on the first day of the Democratic National Convention.
Trump Media and Technology Group shares closed at $22.24 on Monday, down 3.56% from their previous close and the lowest closing price since the company went public in March. The previous low was $22.84 on April 16, the second day of Trump’s criminal trial in New York where a jury convicted him of 34 counts of falsifying business records.
Trump Media Inc. shares, which trade under the ticker DJT, have been on a near-constant slide since mid-July. The new decline comes as Trump’s campaign struggles to find its footing against Democratic vice presidential nominee Kamala Harris. Earlier this month, the company reported a loss of more than $16 million and revenue of less than $1 million in its fiscal second quarter.
Trump Media did not immediately respond to USA TODAY’s request for comment.
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Trump Media Inc. stock price
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Trump Media has long been likened to a meme stock, with experts saying prices rise and fall largely due to coordination and interest from individual investors.
The company was founded in 2021 after Trump was ousted from other social media companies in the wake of the Jan. 6 riot at the U.S. Capitol. It went public in March through a merger with a shell company, Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. Despite the bright start, the stock has surged, often in tandem with Trump’s volatile news cycle this year.
Experts also said the stock is overvalued by traditional Wall Street standards compared to other social media companies.
In May, Trump Media reported a net loss of $327.6 million in the first quarter of 2024 on revenue of $770,500, according to a filing. In August, the company reported a loss of more than $16 million and revenue of less than $1 million in the fiscal second quarter. Regulatory filings show the company was operating at a loss in 2023, having generated about $4 million in revenue while losing more than $58 million.
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