What will its value be in 6 months, when he’s allowed to sell, and who would by such a losing proposition, besides his most brainwashed minions?As the plunge continues, one must note that Trump is still ahead of the game, thus far.
Trump's social media company loses billions in value as stock price swings wildly
Trump's media company dipped below its opening stock price on Monday. The company, which runs Truth Social, has disclosed mounting losses.www.cbsnews.com
Former President Donald Trump's fledgling media business is losing its sheen among investors a week after going public, with a sharp reversal in the company's stock price lopping $4 billion off its value.
The plunge in Trump Media & Technology Group's shares, which debuted on the Nasdaq Composite Index on March 25 under the ticker "DJT" (after the former president's initials), comes as it disclosed mounting losses in a regulatory filing. The company also noted that its accountant had issued a warning that its losses "raise substantial doubt about its ability to continue as a going concern."
Shares of Trump Media & Technology Group, whose primary asset is the Truth Social platform, tumbled $13.30, or 21%, to $48.66 on Monday. That's below its opening price last Monday of $49.90 per share, and represents a 39% plunge from the stock's high of $79.38 on March 26.
Still, the stock remains higher than before a deal that took Trump's media company public last week. The shares had previously traded under the name Digital World Acquisition Corp., a shell company designed to take Truth Social public. Even after Monday's dip, the stock has surged 178% this year.
Trump, who owns 57% of the newly public company, has lost $2.5 billion — at least on paper — because of the stock slide. His stake is now worth $3.8 billion, down from $6.3 billion at the stock's peak last week.