Trump media stock fell to its lowest levels since IPO
Shares of former president Donald Trump’s media company dropped to $16.98 on Wednesday, the lowest since it went public, wiping out all of its gains this year.
Trump Media & Technology Group went public on March 26 through a blank-check merger and spiked shortly after that, trading at $79.38 at its peak. The stock has since fallen by more than 70%, wiping out more than $4 billion from the company’s market cap. It’s worth about $3.4 billion now.
The lockup period will expire as soon as Sept. 19, which means that Trump will be able to sell his shares in a few weeks (unless the price drops below $12, which will push back that date to Sept. 25). With Trump holding a 58% stake in DJT, the potential for a flood of his shares to hit the market may be putting downward pressure on the stock.
The sell-off may have also been exacerbated by retail traders who wrestled with Trump’s return to X. In August, Trump talked to Elon Musk in a Spaces audio event that lasted more than two hours. Trump Media owns Truth Social, a rival of X.
The lockup period will expire as soon as Sept. 19, which means that Trump will be able to sell his shares in a few weeks (unless the price drops below $12, which will push back that date to Sept. 25). With Trump holding a 58% stake in DJT, the potential for a flood of his shares to hit the market may be putting downward pressure on the stock.
The sell-off may have also been exacerbated by retail traders who wrestled with Trump’s return to X. In August, Trump talked to Elon Musk in a Spaces audio event that lasted more than two hours. Trump Media owns Truth Social, a rival of X.
