Shares of Trump Media and Technology Group continued to rise on Monday, putting the company's stock on track to close at its lowest level since its listing on the stock exchange. Nasdaq stock exchange in late March.
Late in the trading day, the stock was down $4.15, or more than 10%, to $36.44. The company, of which former President Donald Trump is the largest shareholder and which trades under the stock symbol “DJT,” rose to a high of $79.38 after its market debut on March 26, valuing it at more than $9 billion.
Since that peak, the stock has fallen 54%, with Trump Media's market cap falling below $5 billion.
Trump Media, whose main asset is the social media service Truth Social, had revenue of $4.1 million in 2023. The company disclosed mounting losses in a regulatory decision Deposit Earlier this month, noting that The accountant warned “There is significant doubt about its viability as it is a growing concern.”
Trump is mostly media It captured attention Supporters of the former president, as well as individual investors who wanted to cash in on the craze, rather than large institutional and professional investors.
“DJT owns all the makings of meme stocks, given the Trump news factor,” Ben Emmons, senior portfolio manager and head of fixed income at NewEdge Wealth, noted in a research note in late March.
In an April 5 statement to CBS MoneyWatch, a Trump Media spokesperson said the company anticipates “numerous possibilities to expand and enhance” Truth Social. The company has no debt and has more than $200 million in cash, she said.
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