The price of a share of Trump Media & Technology Group Corp. fell below $20 for the first time since the company joined with a special-purpose acquisition company earlier this year. The stock fell 5% on Wednesday.
The stock DJT -4.24% hit a high point of just over $29 a share on August 2, but it has been going down ever since.
People bought and sold shares for as much as $66 in March, when Trump Media, the company that owns former President Donald Trump’s online media brand Truth Social, joined with Digital World Acquisition Corp. to go public.
The last time I checked, the stock was down $1.02 to $19.97 a share, with 4.5 million shares traded, which is less than the 7.4 million shares that are usually traded every day.
Trump Media’s market value of $4.2 billion is about 1,000 times the company’s total income of $4.1 million in 2023, even at its current level. In 2023, the business lost $58.2 million.
Trump Media said it lost $16.4 million and made $837,000 in the second quarter.
With one of the most famous politicians in recent history at its heart, Trump Media’s stock has been bought more for its social media buzz than for its fundamentals. It has been called a “meme stock” for Trump’s popularity.
The price of shares has gone from $14.32 to $79.38 in the last year.
Dow Jones Market Data says that the lowest price at which Trump Media’s stock had closed since the deal was $21.42 on August 20. Three out of the last four days, the stock has gone down.
