Shares of Trump Media & Technology Group, majority-owned by former U.S. President Donald Trump, have plummeted to record lows following his return to the social media platform X, formerly known as Twitter.
On Tuesday, Trump Media shares dropped to $21.33, marking a decline of over 4%. The stock closed down 1.8% at $21.84, continuing its eighth consecutive session of losses.
The decline in shares is also attributed to Trump’s recent slip in polls and election betting markets as he campaigns for a second term in the 2024 presidential race. Retail traders have viewed Trump Media’s stock as a proxy for Trump’s election prospects, causing volatility in the stock’s performance.
Trump Media, whose primary asset is the Truth Social app, has faced financial challenges, reporting a quarterly loss of $16.4 million and generating just $837,000 in revenue. The company’s market value has dropped to approximately $4.3 billion, down significantly from over $8 billion earlier this year.
The stock had previously surged to an all-time high of $79.38 during its Nasdaq debut on March 26, following a merger with Digital World Acquisition Corp.
