On March 26, 2024, pedestrians passed the Nasdaq building in New York. Trump Media’s Truth Social platform has hit a new low in terms of stock prices. Shares of Truth Social owner Trump Media & Technology Group plummeted 9% on Friday, reaching their lowest level since the company went public last week. The selloff has wiped out nearly $2 billion from former President Donald Trump’s stake in the company this week.
Trump Media shares rose to as high as $79.38 on March 26, the day trading started on the Nasdaq. Since then, the price has dropped by as much as 47% to $41.90 on Friday. This week alone, the shares have lost about a quarter of their value. Trump’s personal stake in the company is now valued at around $3.3 billion, down from $4.9 billion just last week.
Trump Media reported a loss of $58 million last year with revenue of only $4.1 million. Some experts are concerned that the company is being overvalued by Wall Street