It’s a nosedive…
Shares of Trump Media & Technology Group experienced significant volatility this week after rallying for over a month after a substantial surge in October. The sharp decline wiped $1.9 billion from former President Trump’s net worth, the company’s majority shareholder.
The stock, which trades under the ticker DJT, experienced a 31% decline over two days after quadrupling in price just days earlier, according to CBS News. Shares of Truth Social’s parent company were halted twice on Thursday morning due to volatility.
“Since Tuesday, more than $3 billion has been shaved from the company’s market cap, although the stock is still up roughly 130% from its September lows,” added Yahoo Finance, underscoring the hit to Trump Media’s investors this week.
Trump is the majority stockholder in Trump Media, the company that owns and operates his Truth Social platform. The company’s stock opened big in March 2024 went the company went public, adding billions to Trump’s net worth.
Despite the subsequent declines, Trump Media shares are up nearly 120% over the past month, which caused Trump’s net worth to nearly double to $8 billion, according to Forbes, which tracks the wealth of the world’s richest people.
The stock is popular among retail traders and is seen as a speculative bet on Trump’s chances of securing a second four-year term as president.
“Given TMTG’s total annual revenue in the low-single-digit millions—roughly on par with the business done by a handful of Starbucks stores—the current $8 billion market cap only makes sense in a scenario in which Trump returns to the White House in January following Tuesday’s vote,” noted Fortune magazine while reporting on the selloff.
The reason behind DJT’s sudden decline this week is unclear, given that the company has not made any major announcements and there has not been a significant shift in polling for the presidential election in recent days, which continues to show that the race between Trump and Harris is neck and neck.
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sounds like someone or some group might be playing fast and loose with the shares. need to find out.