CNN
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Shares of Truth Social owner Trump Media & Technology Group fell 12% on Friday, their lowest level since going public last week.
This week’s plunge wiped out nearly $2 billion from former President Donald Trump’s stake in the company.
Trump Media stock soared to $79.38 on March 26, when it began trading on the Nasdaq under the ticker symbol “DJT.”
Since then, the Truth Social owner’s stock has plummeted 49%, closing at $40.49 on Friday.
Trump Media stock has lost about a third of its value this week. Despite this week’s decline, Trump Media stock has soared more than 130% year-to-date.
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Trump’s personal stake in the company is currently valued at about $3.2 billion. This is down from $4.9 billion at the end of last week.
Trump Media recently revealed that it lost $58 million last year on very meager revenue of just $4.1 million. The results underscored concerns among some experts that the company is significantly overvalued by Wall Street.
Billionaire Barry Diller of IAC, owner of Expedia and People Magazine, told CNBC on Thursday that Trump Media is a “fraud” and the people buying the stock are “drugs.”
“I mean, it’s ridiculous,” Diller said on CNBC. “The company has no income.”
A Trump Media spokesperson condemned the company’s critics.
“Now that Truth Social is a public company and still refuses to suppress political expression that contradicts the claims they want to enforce, fervent Trump haters and left-wing traitors are blowing a gasket. It’s not surprising to see that,” Shannon Devine said. A Trump Media spokesperson said in a statement to CNN.
