Shares of Trump Media & Technology Group (DJT) fell Monday afternoon, just hours after former President Donald Trump returned to X, the platform now known as Twitter. The conversation I was looking forward to With Elon Musk.
This is the first time President Trump has posted on his X account since August 24, 2023.
Shares of the parent company of President Trump’s social media platform, Truth Social, fell about 5% to trade near $25.
DJT on Friday Reported The second quarter results showed a net loss of $16.4 million, half of which was due to costs related to the company’s SPAC transaction. The company also reported revenue of just under $837,000 for the quarter ended June 30, down 30% from the previous year.
In April Updated regulatory documents Trump Media reported a net loss of nearly $60 million for the full year ended Dec. 31, with revenue of just over $4 million. The company warned that losses are expected to continue as it faces growing challenges to profitability.
DJT stock has had a rough ride in recent months, swinging between highs and lows.
In June, current commander-in-chief Joe Biden stumbled in the first 2024 presidential debate with Trump, sending stocks soaring (and then crashing). Biden dropped out of the race a month later.
Since Biden’s announcement, stocks have been under pressure as Vice President Kamala Harris, the presumptive Democratic nominee, has gained ground over Trump. According to the latest poll.
Trump in May was found guilty He was found guilty on all 34 counts of falsifying business records to influence the 2016 presidential campaign, and the verdict sent his stock price down 5% the day after the conviction.
Trump Media Lists on Nasdaq absorption With special purpose acquisition company Digital World Acquisition Corp.
The stock has fallen about 50% since the company went public in late March.
Trump founded Truth Social after being kicked out of major social media apps like Facebook (META) and Twitter following the Capitol riots on January 6, 2021. Trump has since returned to those platforms.
Trump roughly maintains 60% stake At DJT. Currently at around $25 a share, Trump Media boasts a market cap of about $3.39 billion, with the former president owning about $2 billion. Shortly after the company went public, Trump’s stake was worth just over $4.5 billion.
In late April, the stock hit a milestone of $1.2 billion in additional cash for Trump, but stakeholders are still subject to a six-month lock-up period before they can sell or transfer the stock.
Alexandra Canal She is a senior reporter for Yahoo Finance. Follow her on X @allie_canal, linkedin, Email alexandra.canal@yahoofinance.com.
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