Trump Media and Technology Group shares continued to rise on Monday, with the company’s stock near its lowest level since going public. Nasdaq Exchange in late March.
In late trading, shares fell $4.15, or more than 10%, to $36.44. The company, whose largest shareholder is former President Donald Trump and trades under the ticker symbol “DJT,” soared to a high of $79.38 after its market debut on March 26, giving it a valuation of more than $9 billion. Ta.
Since that peak, the stock has fallen 54%, and Trump Media’s market capitalization has fallen to less than $5 billion.
Trump Media, whose main asset is the social media service Truth Social, generated revenue of $4.1 million in 2023. The company disclosed the mounting losses in a regulatory filing earlier this month, while the accountant warned “As a growing concern, there are big questions about whether that can continue.”
Trump media mainly attracted attention Rather than major institutional investors or professional investors, the majority were supporters of the former president and individual investors who wanted to make money from his mania.
“DJT has all the makings of a meme stock given the President Trump news factor,” Ben Emmons, senior portfolio manager and head of fixed income at NewEdge Wealth, wrote in a research note in late March. he pointed out.
In an April 5 statement to CBS MoneyWatch, a Trump Media spokesperson said the company foresees “numerous possibilities to expand and enhance” Truth Social. The company has no debt and more than $200 million in cash.
