Trump Media shares close down more than 8%, putting market cap under $5 billion

The

share
price
of


Trump
Media
closed
trading
Wednesday
down
8.57%,
putting
the
company’s

market
capitalization
below
$4.7
billion.

DJT
shares
closed
at
$34.26.

That
is
well
below
the
$70.90
that
the

stock
opened
at
on
March
26,
its
first
day
as
a
publicly
traded

company.

And
it
is
nearly
$2.70
per
share
lower
than
the
closing
price
of
the
former
shell
company,
Digital
World
Acquisition
Corp.
on
March
22,
the
day
that

DWAC
shareholders
approved
the
merger
with
Trump
Media
that
took
that
company
public
days
later.

Trump
Media’s
share
price
is
down
44.71%
month
to
date.

The
company’s
biggest
shareholder
is
former
President

Donald
Trump,
who
holds
a
nearly
60%
stake.
Trump’s
shares
were
worth
less
than
$2.7
billion
at
Wednesday’s
close,
a
steep
drop
from
the
more
than
$5
billion
in
paper
value
they
had
two
weeks
ago.

Trump
Media,
which
owns
the
Truth
Social
app,
reported
revenue
of
just
$4.1
million
for
2023,
and
a
net
loss
of
$58
million
for
the
year.