Aytak Unal/ | Anadolu | Getty Images
shares of trump media It fell more than 22% Wednesday, putting a damper on the impressive rise that added billions to former President Donald Trump’s paper net worth ahead of the 2024 election.
DJT stock closed Tuesday at $51.51 per share, but fell to $40.03 by Wednesday’s close.
Republican presidential candidate Trump owns nearly 57% of the company, according to recent regulatory filings.
As of Wednesday afternoon, his shares were worth just under $4.6 billion, about $1.3 billion less than they were on Tuesday.
President Trump has vowed not to sell his company’s stock.
Trump Media (DJT) stock price
Trump Media, which owns the Truth Social platform, posted a loss of more than $340 million on revenue of less than $2 million in the first half of its fiscal year. Despite this, the company boasts a market capitalization of $8 billion.
Analysts say many of the company’s individual investors are fans of President Trump and buy shares to support Republican candidates or bet on their chances of defeating Democratic candidate Kamala Harris. .
Trump Media went public in late March after completing a merger with special purpose acquisition company Digital World Acquisition Corporation.
The newly combined business rose sharply when it debuted on the Nasdaq market, but has swung up and down in the months since.
Numbers spiked in mid-July after President Trump narrowly escaped an assassination attempt at a campaign rally in Pennsylvania.
A long period of decline followed, with the company’s stock price dropping below $12 in late September. The drop in stocks coincided with Harris replacing President Joe Biden as Trump’s rival, effectively resetting the race and erasing Trump’s clear lead.
But the company soared in October as some national polls narrowed the race and many political betting markets turned in Mr. Trump’s favor.
Odds and gambling platforms are not a replacement for political polls as they do not use the same methodology used in traditional political polls. Critics have raised concerns that the election betting market is being manipulated.
