Share price of the parent company of Donald TrumpSocial media platform Truth Social hit a new low on its first day of trading Democratic National Convention.
Trump Media & Technology Group closed at $22.24 on Monday, down 3.56% from the previous close and the lowest level since the company went public in March. The last lowest closing price was $22.84 on April 16, the second day of trading. Trump Criminal Trial in New York where a jury found him guilty of 34 counts of falsifying business documents.
Trump Media, trading under the ticker DJT, has seen its stock price fall almost steadily since mid-July. The new low comes as the Trump campaign has fought to find his place against the new Democratic candidate for vice president Kamala HarrisEarlier this month, the company reported more than $16 million in losses and less than $1 million in revenue for its second financial quarter.
Trump Media did not immediately respond to USA TODAY’s request for comment.
“He’s just an old guy”: Gen Z Democrats mock Donald Trump-Taylor Swift AI drama
Trump Media Stock Price
Trump Media Compared to a Meme Stock Due to Its Volatility and Overvaluation
Trump Media has long been compared to a meme stock, as experts say prices rise and fall largely due to the coordination and attention of retail investors.
The company was founded in 2021 after Trump was ousted from other social media companies following January 6th Riot at the United States CapitolThe company went public in March through a merger with shell company Digital World Acquisition Corp., a special purpose acquisition company (SPAC). Despite a spectacular debut, the stock price has surged, often in sync with the roller coaster of the Trump news cycle this year.
Experts also said the stock was overvalued by conventional Wall Street standards compared to other social media companies.
In May, Trump Media reported a net loss of $327.6 million for the first quarter of 2024 and generated $770,500 in revenue, according to a filing. In August, the company reported more than $16 million in losses and less than $1 million in revenue for the second financial quarter. Regulatory filings show the company was operating at a loss in 2023, generating about $4 million in revenue while losing more than $58 million.
This article was originally published on USA TODAY: Donald Trump’s Truth Social Enterprise Stocks Close at New Low
Discover more from The Times Of Update
Subscribe to get the latest posts sent to your email.
