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Shares of Trump Media & Technology Group, which is majority owned by Donald Trump and operates social media network Truth Social, have fallen about 50% from their peak since trading began more than two weeks ago.
TMTG stock closed Friday at $32.59 per share, rebounding later in the day to close 0.6% higher. However, it is down 50.7% from its peak closing price of $66.22 per share on March 27, the day after trading began on the Nasdaq exchange. The company’s market capitalization is now about $4.55 billion, down from an intraday peak of more than $9.5 billion, according to CNBC.
Trump, a potential 2024 Republican presidential candidate, owns 78.75 million shares, or 57.6% of TMTG, according to regulatory filings. His stake is now worth less than $2.6 billion, down from $5.2 billion. Mr. Trump and other executives will be subject to a “lockup” period in which they cannot sell their stocks for at least six months.
Last week, IAC Chairman Barry Diller told CNBC that Trump Media is a “fraud” and the people who buy it are “drugs.”
In its April 1 10-K filing with the SEC, Trump Media reported 2023 revenue of $4.1 million and a net loss of $58 million.
“Truth Social is creating a free speech beachhead against Big Tech by offloading some of the startup and operating costs traditionally borne by traditional tech companies,” a Trump Media spokesperson told CNN. “It was,” he said. We have no debt, over $200 million in the bank, and the support of hundreds of thousands of individual investors who passionately believe in our mission. ”
TMTG’s mission, according to its description, is “to end Big Tech’s assault on free speech by opening up the internet and restoring the voice of the people.” We run Truth Social, a social media platform established as a safe haven for freedom of expression during increasingly difficult times. ”
Trump Media & Technology Group’s stock began trading on March 26 under the ticker symbol “DJT” through a merger with special purpose acquisition company Digital World Acquisition Corporation.
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