RAW STORY
October 30, 2024
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Former President Donald Trump's eponymous media company saw stock prices plummet Wednesday amid blowback from the racist rhetoric at his New York City rally, a new analysis found
Trump Media stocks are on track for their largest daily decrease since April — when news broke its main asset Truth Social had lost about $58 million in 2023, Barron's reported.
"The stock may keep oscillating in what has already been a wild week," Barrons reported.
Trump Media trading was halted repeatedly Tuesday after shares swung from 14 percent gains to 3 percent declines, Barron's reported.
The stock, which trades under the ticker DJT, fell 21 percent to $40.84 on Wednesday, according to the Barron's analysis of Dow Jones Market Data.
"The price swings have little to do with the company’s fundamentals–its sales are minuscule for a company of its market value," wrote Brian Swint. "But traders can make money from its volatility."
Barron's noted Trump Media stock prices are often seen as a measure of the Republican presidential nominee's chances of winning the upcoming election.
"It’s unclear what might happen to DJT if Trump loses the election," Swint wrote. "He said he’s not ready to pare his stake yet, but if his political career ends next week, it’s hard to see how the company could be sustained."
Trump this week has faced condemnation for his rally in Madison Square Garden where a comedian called Puerto Rico a "floating island of garbage", spurred public outcry and potentially lost him a key swing state.
"If you shift just 10 or 15,000 votes of Puerto Ricans away from Donald Trump and back to Kamala Harris, you put her in a very strong position to win," former Republican strategist Mike Madrid said this week.
"Can Bad Bunny and Jennifer Lopez and Geraldo Rivera and Ricky Martin do that? I think they probably can."
October 30, 2024
(Shutterstock.com)
Former President Donald Trump's eponymous media company saw stock prices plummet Wednesday amid blowback from the racist rhetoric at his New York City rally, a new analysis found
Trump Media stocks are on track for their largest daily decrease since April — when news broke its main asset Truth Social had lost about $58 million in 2023, Barron's reported.
"The stock may keep oscillating in what has already been a wild week," Barrons reported.
Trump Media trading was halted repeatedly Tuesday after shares swung from 14 percent gains to 3 percent declines, Barron's reported.
The stock, which trades under the ticker DJT, fell 21 percent to $40.84 on Wednesday, according to the Barron's analysis of Dow Jones Market Data.
"The price swings have little to do with the company’s fundamentals–its sales are minuscule for a company of its market value," wrote Brian Swint. "But traders can make money from its volatility."
Barron's noted Trump Media stock prices are often seen as a measure of the Republican presidential nominee's chances of winning the upcoming election.
"It’s unclear what might happen to DJT if Trump loses the election," Swint wrote. "He said he’s not ready to pare his stake yet, but if his political career ends next week, it’s hard to see how the company could be sustained."
Trump this week has faced condemnation for his rally in Madison Square Garden where a comedian called Puerto Rico a "floating island of garbage", spurred public outcry and potentially lost him a key swing state.
"If you shift just 10 or 15,000 votes of Puerto Ricans away from Donald Trump and back to Kamala Harris, you put her in a very strong position to win," former Republican strategist Mike Madrid said this week.
"Can Bad Bunny and Jennifer Lopez and Geraldo Rivera and Ricky Martin do that? I think they probably can."
Trump Media stock plummets 22% after five-week surge
Trump Media & Technology Group, which owns Truth Social, suffered a 22.3% drop in share price Wednesday, costing majority shareholder former President Donald Trump $1.3 billion in net worth. DJT stock fell from $51.51 a share Tuesday to $40.03 at Wednesday's close. File Photo by Will Oliver/EPA-EFE
Oct. 30 (UPI) -- After a weeks-long stock surge put Truth Social's value at more than Elon Musk's platform X, formerly known as Twitter, former President Donald Trump lost $1.3 billion of net worth Wednesday after the stock plummeted.
Truth Social owner Trump Media & Technology Group's share price dropped 22.3% Wednesday in its worst one-day loss since going public in March.
Trump -- the Republican presidential nominee -- owns nearly 57% of Trump Media, which trades as DJT on the Nasdaq. DJT stock fell from $51.51 a share on Tuesday to $40.03 by the end of trading Wednesday.
Before Wednesday's drop, Trump Media stock had quadrupled in value in the last five weeks since Sept. 23.
On Monday, traders attributed the stock surge to bets that Trump will win the White House in next week's election.
By Wednesday's close, traders blamed the selloff on a loss of momentum for the meme stock, which has gained viral popularity.
Meme stocks are defined as securities that do not trade on fundamentals, but rather hype and expectations. Trump Media had not released any news or numbers that would have caused the stock to nosedive.
In April, Trump Media stock plummeted after the Truth Social app revealed it recorded a net loss of more than $52 million last year on scant revenues of $4 million.
Despite the volatile nature of the stock, Trump has vowed not to sell his shares.
Trump Media & Technology Group, which owns Truth Social, suffered a 22.3% drop in share price Wednesday, costing majority shareholder former President Donald Trump $1.3 billion in net worth. DJT stock fell from $51.51 a share Tuesday to $40.03 at Wednesday's close. File Photo by Will Oliver/EPA-EFE
Oct. 30 (UPI) -- After a weeks-long stock surge put Truth Social's value at more than Elon Musk's platform X, formerly known as Twitter, former President Donald Trump lost $1.3 billion of net worth Wednesday after the stock plummeted.
Truth Social owner Trump Media & Technology Group's share price dropped 22.3% Wednesday in its worst one-day loss since going public in March.
Trump -- the Republican presidential nominee -- owns nearly 57% of Trump Media, which trades as DJT on the Nasdaq. DJT stock fell from $51.51 a share on Tuesday to $40.03 by the end of trading Wednesday.
Before Wednesday's drop, Trump Media stock had quadrupled in value in the last five weeks since Sept. 23.
On Monday, traders attributed the stock surge to bets that Trump will win the White House in next week's election.
By Wednesday's close, traders blamed the selloff on a loss of momentum for the meme stock, which has gained viral popularity.
Meme stocks are defined as securities that do not trade on fundamentals, but rather hype and expectations. Trump Media had not released any news or numbers that would have caused the stock to nosedive.
In April, Trump Media stock plummeted after the Truth Social app revealed it recorded a net loss of more than $52 million last year on scant revenues of $4 million.
Despite the volatile nature of the stock, Trump has vowed not to sell his shares.
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