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Nearly $2 billion has been lost from former President Donald Trump’s stake in Trump Media & Technology Group this week, after shares of the company dropped 9% on Friday, reaching their lowest level since going public last week. The decline has resulted in a significant decrease in the value of Trump’s personal stake in the company.
Trump Media’s shares have plummeted by as much as 47% since their peak of $79.38 on March 26 when trading began on the Nasdaq under the ticker symbol “DJT.” This week alone, the company has lost approximately a quarter of its value. Recent financial disclosures from Trump Media showed a loss of $58 million last year with very little revenue of just $4.1 million, raising concerns from experts that the company may be significantly overvalued by Wall Street.
Despite criticism from experts and billionaire chairman Barry Diller, who referred to Trump Media as a “scam” on CNBC and criticized those investing in the company, a Trump Media spokesperson defended the company, highlighting its commitment to not suppressing political expression that goes against certain narratives. Shannon Devine, the spokesperson, stated that critics’ reactions were expected, especially from those who oppose Trump and have political biases.
