Shares of Trump Media & Technology Group reversed course this week after rallying for more than a month, and the correction led to a loss of more than $1 billion in the net worth of former President Trump, the company’s majority shareholder.
The stock, which trades under the ticker DJT, plunged 22% on Wednesday, marking its worst day ever. The decline continued on Thursday, and shares of parent company Truth Social were halted twice in the morning due to volatility.
Heart | Security | Final | Change | Change % |
---|---|---|---|---|
DJT | TRUMP MEDIA & TECHNOLOGY GROUP CORP | 35.99 | -4.04 |
-10.09% |
Trump Media & Technology Group Corp.
DJT shares were down more than 13% by noon ET on Thursday, to $34.76.
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However, Trump Media shares rose nearly 120% over the past month, causing Trump’s net worth to nearly double to $8 billion, according to Forbes, which tracks the wealth of the world’s richest people.
Trump Media saw its value increase by more than $10 billion earlier this month, as the Republican presidential candidate’s campaign continued to build momentum against his opponent, Vice President Kamala Harris.
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The stock is popular among retail traders and is seen as a speculative bet on Trump’s chances of securing a second four-year term as president.
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The reasons behind DJT’s sudden decline this week are unclear, given that the company has not made any major announcements and there have been no significant changes in polls for the presidential election in recent days, which continue to show a close race between Trump and Harris. is the neck and neck.
Reuters contributed to this report.