The stock price of Trump Media dropped more than 10% in a single day, following an 8.57% decline the previous day. The company’s shares initially soared after going public on the Nasdaq, reaching nearly $80 from an opening price of $70.90. However, the share price has tumbled since then, resulting in a lower market capitalization of $4.43 billion as of Thursday. Despite these fluctuations, Trump Media remains high relative to its financial performance in 2023, reporting revenue of $4.1 million and a net loss of $58 million.
Trump Media’s flagship product is the Truth Social app, which is frequently used by former President Donald Trump to communicate with his followers. Trump owns nearly 60% of the company’s shares, valued at $2.55 billion as of Thursday, representing a significant decrease from two weeks earlier. Due to the terms of a merger that took Trump Media public, Trump is prohibited from selling his shares for six months from the closing date of the deal on March 22. Additionally, Trump is considered the presumptive Republican presidential nominee, adding further intrigue to the company’s stock performance and future prospects.
