Trump Media shares plummeted, taking the former president’s net worth to more than $1 billion

Robert Novoski

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.

Social Truth logo on mobile

Truth social network logo. (Reuters/Dado Ruvic/Illustration / Reuters Photo)

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.

STOCK MARKET EXPERTS COMPARE THE 2024 ELECTIONS WITH THE MOVING TIME WHEN CHALLENGERS WIN OVER INDONESIA

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 raises fist at rally

Former President Trump gestures while walking on stage for a campaign rally in Coachella, California, on October 12. (Mario Tama/Getty Images/Getty Images)

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.

ECONOMIC HISTORY BLAME BIDEN-HARRIS ADMINS FOR ‘HIGHEST INFLATION IN 40 YEARS’

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.

Former President Trump and Vice President Kamala Harris are shown on a screen in the rotating room during the second presidential debate at the Pennsylvania Convention Center in Philadelphia on September 10. (Hannah Beier/Bloomberg via Getty Images / Getty Images)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

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.

Source link

Leave a Comment

mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd mbd