The stock price of Trump Media, the company founded by former President Donald Trump, plummeted by over 9% in midday trading on Wednesday, pushing the company’s market capitalization below $5 billion. At 1:27 p.m. ET, shares of DJT were trading at $34.07, significantly lower than the $70.90 at which the stock began trading on March 26, its first day as a publicly traded entity. The decline in share price has led to the company’s market value dropping below the $36.94 closing price of Digital World Acquisition Corp., the shell company that merged with Trump Media on March 22.
Former President Donald Trump is the largest shareholder in the company, holding nearly 60% of the company’s shares. However, Trump’s stake in the company was valued at less than $2.8 billion in midday trading, a significant decrease from the more than $5 billion in paper value his shares held just two weeks prior. Trump Media, the parent company of the Truth Social app, reported revenue of just $4.1 million for the 2023 fiscal year, along with a net loss of $58 million for that same period.
These developments are still unfolding, and it is recommended to check back for further updates on the situation.
