Shares of former President Donald Trump’s media company fell more than 10 percent on Monday, sending the stock to its lowest level since the company went public six months ago.
Trump Media and Technology Group stock, which trades under the symbol DJT, closed down 10.3 percent on Monday, settling at $12.15 a share, marking its sixth straight day of declines. The stock has fallen 17 percent since Thursday, according to Reuters.
“More wins” I tweeted Former Rep. Adam Kinzinger, a frequent Trump critic, posted a photo of the stock price at Monday’s close.
The company has lost more than 80 percent of its value since its initial buying spree in March, when it began trading after a SPAC deal with Digital World Acquisition Corp. Trump Media shares peaked at $9.5 billion, and its market cap has fallen to about $2.4 billion, according to cnbc.
When the stock market closed Thursday, amid the selloff, Trump Media emerged from the lockup period, allowing Trump and other major investors to sell or borrow against their shares. The former president is Trump Media’s largest shareholder, owning nearly 60% of the company, or about 115 million shares, according to filings with the Securities and Exchange Commission.
Trump has repeatedly vowed that he has “absolutely no intention” of getting rid of his stock, which was worth about $1.4 billion on Monday.
Many people think that the reason [the stock price is] “A lot of people think I’m going to sell, and if I sell, it won’t be the same,” Trump said at a news conference earlier this month. CBS News“But I have no intention of selling at all.”
On Friday, the first day of trading after the close, more than 22 million shares changed hands, according to CNBC, a frenetic surge in activity from the 14 million shares traded on Thursday.
Donald Trump’s stock, largely viewed as a joke or “funny” stock, has been notably volatile since it first hit the market. Despite briefly rising in the wake of the first assassination attempt on Trump in July, it has since largely fallen.
The company has faced similar financial headwinds. In August, it reported a net loss of more than $16 million for the quarter ended June 30. It reported quarterly revenue of just $836,900, down 30% from the same period last year.
Trump Media owns Truth Social, a MAGA social media platform that the company describes as a “safe haven for free speech,” but which primarily serves as a hub for Trump’s ideas and opinions. It’s unclear how many other users are actually active on the site.
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”