Shares of Trump Media & Technology Group (DJT) fell Monday afternoon after former President Donald Trump returned to X, the platform formerly known as Twitter, just hours before his inauguration. highly anticipated conversation with Elon Musk.
It was the first time Trump had posted on his X account since August 24, 2023.
Shares of the parent company of Trump’s social media platform, Truth Social, closed down about 5% to trade near $25.
Friday, DJT reported The second-quarter results showed a net loss of $16.4 million, about half of which was related to expenses related to the company’s SPAC deal. The company also reported revenue of just under $837,000 for the quarter ended June 30, down 30% from a year earlier.
In April, a updated regulatory file Trump Media reported sales of just over $4 million while net losses reached nearly $60 million for the full year ended Dec. 31. The company warned that it expected losses to continue amid broader profitability challenges.
DJT shares have had a turbulent time in recent months, swinging between highs and lows.
In June, stocks surged (and then fell) after current commander in chief Joe Biden stumbled in his first 2024 presidential debate with Trump. Biden dropped out of the race a month later.
Since Biden’s announcement, stocks have remained under pressure as Vice President Kamala Harris, the presumptive Democratic presidential nominee, edges out Trump. in the latest poll.
In May, Trump was found guilty on 34 counts of falsifying business records intended to influence the 2016 presidential campaign — a verdict that sent shares down 5% the day after the conviction.
Trump Media went public on the Nasdaq after merge with special purpose acquisition company Digital World Acquisition Corp.
Shares have fallen about 50% since the company’s public debut in late March.
Trump founded Truth Social after being ousted from major social media apps like Facebook (META) and Twitter following the Capitol riots on January 6, 2021. Trump has since been reinstated on those platforms.
Trump maintains a rough position 60% of the shares in DJT. At a current level of about $25 per share, Trump Media boasts a market capitalization of about $3.39 billion, giving the former president a stake worth about $2 billion. Just after the company went public, Trump’s stake was worth just over $4.5 billion.
In late April, the stock hit a milestone that gave Trump an additional $1.2 billion in cash. Shareholders, however, are still subject to a six-month lockup period before selling or transferring shares.
Alexandra Canal is a senior journalist at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and send her an email at alexandra.canal@yahoofinance.com.
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