Shares of the former president Donald Trump‘s social media company hit its lowest price since going public on Monday trade on Nasdaq after the merger about five months ago.
Trump MediaThe company that owns the Republican presidential candidate’s preferred social messaging platform Truth SocialIt traded below $22.40 a share before noon ET, down about 3% today.
the previous low point for the stock trading below DJT The ticker was in mid-April, when the price fell to $22.55 after that slingshot-like rally in the company’s wild public trading debut.
The downward trajectory of the notoriously volatile stock over the past month has coincided with a flurry of seismic developments for Trump, both a major shareholder of Trump Media and a major draw for Truth Social users.
The stock rose on July 15, the first trading day since Trump was killed At a campaign rally in western Pennsylvania.
Trump formally nominated his nominee two days later at the Republican National Convention, strengthening the momentum he had already built against the president. Joe Bidenwho was likely then Democratic candidate.
But on July 21, after Biden dropped out of the race and endorsed the vice president, Trump’s growing lead suddenly waned. Kamala Harris as his replacement they lead the party ticket.
A historical transition has been made betting markets‘ His thoughts on who will win in November. Harris is now favored over Trump.
Trump Media said in regulatory filings that its success is due at least in part to Trump’s popularity and reputation.
Some Trump supporters seem to view the company’s stock as a way to support the former president or bet on his chances of winning a second term.
On August 9, Trump Media reported a loss of more than $16 million financial quarter It ended on June 30, grossing a total of $837,000 during the same period.
About half of the company’s losses came from special-purpose acquisition firm Digital World Acquisition Corp. due to ongoing legal costs related to its merger with and it was delayed for more than two years after its announcement.
Despite its small revenues, the company’s current market capitalization is close to $4.5 billion based on its share price.
Trump is primarily bound by a licensing agreement that requires him to make “non-political” social media posts on Truth Social.
But he’s free to post political messages on any site without restriction — and he recently used that ability to post on X and TikTok, two social media giants whose audiences are smaller than Truth Social’s.
Trump was on August 12 gave an interview By Tesla CEO Elon Musk Live on Mask’s X social media app.
Trump has occasionally posted on X, formerly known as Twitter, since the interview.