Trump Media shares close down by more than 5%, latest grim day for Truth Social owner

The

share
price
of

Trump
Media
fell
5.4%
at
the
close
of
trading
on
Thursday.

DJT
shares,
the
majority
of
which
are
owned
by
former
President

Donald
Trump,
ended
at
$32.41.

Thursday’s
drop
came
a
day
after
Trump
Media
shares
fell
8.57%.

The

social
media
company’s

stock
began
public
trading
on
the
Nasdaq
on
March
26
with
an
opening
price
of
$70.90,
and
soared
to
a
high
of
nearly
$80
that
day.

But
the
share
price
has
slumped
since
then.

The

company‘s
market
capitalization
as
of
Thursday
is
$4.43
billion,
markedly
lower
than
the
level
seen
when
shares
began
trading
last
month,
but
still
relatively
very
high
given
the
firm’s
financial
results
last
year.
Trump
Media
reported
revenue
of
just
$4.1
million
in
2023,
and
a
net
loss
of
$58
million.

Trump
Media
owns
the
Truth
Social
app,
which
Trump
frequently
uses
to
communicate
with
followers.

Trump
owns
nearly
60%
of
the
company’s
shares.
As
of
Thursday’s
close,
his
shares
are
worth
$2.55
billion
on
paper,
about
half
of
what
they
were
worth
two
weeks
ago.

Under
the
terms
of
a
merger
with
a
shell
company
that
took
Trump
Media
public,
Trump
is
barred
from
selling
his
shares
for
six
months
from
the
March
22
closing
date
of
that
deal.

Trump
is
the
presumptive
Republican
presidential
nominee.