The months long Trump Media stock slide continued Wednesday, as shares of the company majority-owned by former President Donald Trump fell below $20 for the first time since the Truth Social maker went public in March of this year.
As of 12:45 p.m. ET, the stock price of DJT has dropped more than 75% from its intraday high on March 26, the day the company debuted on the Nasdaq stock exchange.
Trump Media stock price
Trump Media has also lost more than half its value since its recent surge on July 15, the first trading day after the Republican presidential nominee narrowly survived an assassination attempt at a campaign rally in Pennsylvania.
Trump’s stake is still worth $2.2 billion but he has an agreement that prevents him from cashing out. That agreement is going to expire on September 20th. Golly, what do you think he’ll do???
What a nice little scam…
If he does sell — or if he even appears likely to — investors could lose confidence in Trump Media, a situation the company’s own regulatory filings have acknowledged.
Similar to other meme stocks, investing in Trump Media has come to be seen as a way for Trump’s supporters to back him and bet on his chances of beating Democratic Vice President Kamala Harris in the presidential election.
But the company has noted that its fledgling social media platform Truth Social depends at least partly on Trump’s enduring popularity and reputation. Trump, who holds the most popular Truth Social account, has recently started posting more on X, his former messaging app of choice, and TikTok.
He’s going to make a bundle and his small time investors are going to get fleeced. I guess they don’t care. Anything for Dear Leader.