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President Donald Trump’s name doesn’t sell like it used to.
Shares of Trump Media and Technology Group, the company behind the president’s social media platform Truth Social, fell more than 7% in pre-market trading Tuesday. Trump Media shares last closed at $40.03.
During the election campaign, DJT’s actions became a sort of indicator of Trump’s chances of being elected and a way for fans and supporters to financially support the current president. Trump helped found Trump Media in 2021 with the launch of his own social media platform, after being banned from X (then Twitter).
The company debuted on Nasdaq on March 26 after completing its merger with Digital World Acquisition Corp.DWAC) (DWAC), a special purpose acquisition company, or SPAC.
Meanwhile, Trump’s new cryptocurrency, $TRUMP, was also hit just a day later. the inauguration. The meme coin has lost almost 25% of its value over the past day, to a price of $37.17. The coin launched on Friday near $6.50 and reached a high of $73 on Sunday before beginning its descent.
The $MELANIA meme coin, launched by new First Lady Melania Trump on Sunday for $7, fell nearly 50% to $4.26.
The broader cryptocurrency market took a hit after Trump I made no mention digital assets from his first day in office, including his campaign promise to create a national strategic bitcoin reserve.
The global crypto market cap fell 2.2% over the past day to $3.58 trillion. This is due to a drop of more than 2% in the price of Bitcoin, the largest cryptocurrency by market capitalization.
Despite his pro-crypto stance before his second term in the White House, Trump has a spotty record with the crypto community. During his first term as president, Trump called Bitcoin a “scam” against the US dollarand in a 2019 tweet he said he was “not a fan” Bitcoin and other cryptocurrencies.
