Trump’s media company suffers another huge slump as share price falls nearly 15%
Share prices for Donald Trump’s media company fell nearly 15 percent on Thursday as the former president’s business continued to endure a tough month.
Shares of Trump Media and Technology Group — the business that runs Trump’s Truth Social platform — cost just $26.75 at the close of trading on Thursday, marking a 14.56 percent fall from opening.
Meanwhile, Thursday’s price marks a more than 40 percent drop from the beginning of June, when shares sold for about $49 and a Manhattan jury had just found Trump guilty of 34 felony counts related to falsifying business documents.
This drop comes amid high sharing activity, with some 13 million stocks trading hands on Thursday.
The former president’s 114 million shares of stock in the company are now worth just $3.2BN, CNBC reports, a major drop from $5.6bn just three weeks ago.
Dropping prices became almost immediately evident after Trump’s conviction, with shares dropping 6 percent just hours after the jury delivered their decision — a fall that cost the former president $766 million.
That dip also followed a difficult first quarter as a publicly traded company, with the media company reporting a $327m loss. During the first quarter, the company merged with another company: Digital World Acquisition Corporation. The “vast bulk of merger-related expenses,” CEO Devin Nunes said earlier this year, are now gone.
