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Trump Media’s stock price fell 5.4% as of Thursday’s close.
DJT shares, majority owned by former President Donald Trump, closed at $32.41.
Thursday’s drop came a day after shares of Trump Media fell 8.57%.
Shares of the social media company began 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 since then, the stock price has fallen.
The company’s market capitalization stood at $4.43 billion on Thursday, significantly lower than when shares began trading last month, but still relatively high given the company’s financial results. company last year. Trump Media reported 2023 revenue of just $4.1 million and a net loss of $58 million.
Trump Media owns the Truth Social app, which Trump frequently uses to communicate with his followers.
Trump owns nearly 60% of the company’s shares. As of Thursday’s close, its shares were 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 the deal.
Trump is the presumptive Republican presidential nominee.
cnbc
