Trump Media shares plummeted, costing the former president more than $1 billion in total
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The Trump Media & Technology Group shared lessons learned this week after meeting for more than a month, and the adjustment cost more than $1 billion in the net worth of former President Trump, the majority shareholder of the company.
The stock, which trades under the ticker DJT, fell 22% on Wednesday, marking its worst day yet. The decline continued on Thursday, with shares of parent company Truth Social suspended twice in the morning due to volatility.
The logo of the social network of Truth. (Photos by Reuters/Dado Ruvic/Illustration/Reuters)
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| DJT | Company TRUMP MEDIA & TECHNOLOGY GROUP CORP | 36.16 | -3.87 |
-9.67% |
Trump Media & Technology Group Corp.
Shares of DJT were down more than 13% as of noon ET Thursday, to $34.76.
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Still, shares of Trump Media have risen nearly 120% in the past month, causing Trump’s net worth to nearly double to $8 billion, according to Forbes, which tracks the wealth of the world’s richest people.
Former President Trump moves while walking on stage at a campaign rally in Coachella, California, on Oct. 12. (Photos by Mario Tama/Getty/Getty Images)
Trump Media saw its value balloon to more than $10 billion earlier this month, as the Republican presidential nominee’s campaign continues to ramp up against his opponent, Vice President Kamala Harris.
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The stock is popular with retail traders and is seen as a speculative bet on Trump’s chances of securing a second four-year term as president.
Former President Trump and Vice President Kamala Harris are shown on a screen in the spin room during the second presidential debate at the Pennsylvania Convention Center in Philadelphia on September 10. (Hannah Beier/Bloomberg via Getty Images/Getty Images)
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The reason behind the sudden decline of DJT this week is not clear, since the company has not made any major announcements and there has been no significant change in voting for the presidential election in recent days, which continues to show that the race is between Trump and Harris. neck and neck.
Reuters contributed to this report.
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