Shares of former President\u00a0Donald Trump\u2019s social media company on Monday touched their lowest price since they began public\u00a0trading\u00a0on the\u00a0Nasdaq\u00a0nearly five months ago after a merger.<\/p>\n
Trump Media, the company that owns the Republican presidential nominee\u2019s preferred social messaging platform\u00a0Truth Social, closed down more than 3.5% to settle at $22.24 a share.<\/p>\n
The previous low point for the stock, which trades under the\u00a0DJT\u00a0ticker, was in mid-April when the price plummeted to $22.55 following the company\u2019s slingshot rise in its frenzied public trading debut.<\/p>\n
The notoriously volatile stock\u2019s downward trajectory over the past month coincided with a swirl of seismic developments for Trump, who is both the majority stakeholder of Trump Media and a main draw for Truth Social users.<\/p>\n
The share price surged on July 15, the first trading day after Trump was nearly\u00a0assassinated\u00a0at a campaign rally in western Pennsylvania.<\/p>\n
Trump was formally nominated at the Republican National Convention two days later, bolstering the momentum he had already built up against President\u00a0Joe Biden, who at the time was the presumptive\u00a0Democratic nominee.<\/p>\n
But Trump\u2019s growing lead suddenly shrunk when Biden dropped out of the election contest on July 21 and endorsed Vice President\u00a0Kamala Harris\u00a0as his replacement to lead their party\u2019s ticket.<\/p>\n
The historic switch flipped\u00a0betting markets\u2019 views on who will win in November. Harris is now favored over Trump.<\/p>\n
Trump Media has said in\u00a0regulatory filings\u00a0that its success is at least partly tied to Trump\u2019s popularity and reputation.<\/p>\n
Some Trump supporters seem to treat the company\u2019s stock as a way to support the former president or bet on his chances of winning a second term.<\/p>\n
On Aug. 9, Trump Media reported a loss of over $16 million for the\u00a0fiscal quarter\u00a0ending June 30, while posting just $837,000 in revenue in the same period.<\/p>\n
The company attributed about half of its loss to ongoing legal expenses related to its merger with the special purpose acquisition company Digital World Acquisition Corp., which was delayed for more than two years after it was announced.<\/p>\n
Despite its meager revenue, the company currently has a market capitalization of nearly $4.5 billion due to its stock price.<\/p>\n
Trump is bound by a licensing agreement that requires him to make \u201cnon-political\u201d social media posts on Truth Social first.<\/p>\n
But he is free to post political messages on any site without restriction \u2014 and he has recently exercised that ability by posting on X and TikTok, two social media giants whose audiences dwarf Truth Social\u2019s.<\/p>\n
Trump on Aug. 12 was\u00a0interviewed\u00a0by Tesla CEO\u00a0Elon Musk\u00a0in a livestream on the social media app X, which Musk owns.<\/p>\n
Trump has periodically posted on X, formerly known as Twitter, since the interview.<\/p>\n<\/p>\n
Shares of former President\u00a0Donald Trump\u2019s social media company on Monday touched their lowest price since they began public\u00a0trading\u00a0on the\u00a0Nasdaq\u00a0nearly five months ago after a merger. Trump Media, the company that owns the Republican presidential nominee\u2019s preferred social messaging platform\u00a0Truth Social, closed down more than 3.5% to settle at $22.24 a share. The previous low point […]<\/p>\n","protected":false},"author":0,"featured_media":8202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/8201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=8201"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/8201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/8202"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=8201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=8201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=8201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}