Current:Home > ContactTruth Social parent company stock prices fall to new low after public trading debut -WealthSync Hub
Truth Social parent company stock prices fall to new low after public trading debut
View
Date:2025-04-27 03:44:13
Stock prices for the parent company of Donald Trump's social media platform Truth Social hit a new low the first day of the Democratic National Convention.
Trump Media & Technology Group closed at $22.24 Monday, down 3.56% from the previous close and the lowest close since the company went public in March. The last lowest closing price was $22.84 on April 16, the second day of Trump's New York criminal trial where a jury found him guilty of 34 counts of falsifying business records.
Trump Media, trading under ticker DJT, has seen near-steady falling stock prices since mid-July. The new low comes as the Trump campaign has struggled to find its footing against the Democrats' new candidate Vice President Kamala Harris. Earlier this month, the company reported more than $16 million in losses and less than $1 million in revenue in the second financial quarter.
Trump Media did not immediately respond to USA TODAY's request for comment.
'He’s just, like, an old guy':Gen Z Democrats laugh at Donald Trump-Taylor Swift AI drama
Trump Media stock price
Trump Media compared to a meme stock for volatility, overvaluation
Trump Media has long been compared to a meme stock, as experts say prices rise and fall largely due to retail investors' coordination and attention.
The company was founded in 2021 after Trump was booted from other social media companies following the Jan. 6 riot on the U.S. Capitol. The company went public in March through a merger with shell company Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. Despite a splashy debut, the stock prices have whiplashed wildly, often in coordination with the rollercoaster of a news cycle for Trump this year.
Experts have also said the stock is overvalued by conventional Wall Street standards compared with other social media companies.
In May, Trump Media reported a net loss of $327.6 million in the first quarter of 2024 and brought in $770,500 in revenue, according to a filing. In August, the company reported more than $16 million in losses and less than $1 million in revenue in the second financial quarter. Regulatory filings show the company was operating at a loss in 2023, making about $4 million in revenue while losing more than $58 million.
veryGood! (62)
Related
- Who are the most valuable sports franchises? Forbes releases new list of top 50 teams
- Are Legally Acceptable Levels of Pollution Harming Children’s Brain Development?
- Why Lady Gaga Asked Joker Crew to Call Her This Fake Name on Set
- As Youngkin Tries to Pull Virginia Out of RGGI, Experts Warn of Looming Consequences for Low-Income Residents and Threatened Communities
- Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
- Collin Gosselin Accuses Mom Kate Gosselin of Creating “Barrier” Between Him and Siblings
- Texas Cities Set Temperature Records in Unremitting Heat Wave
- As Texas Cranks Up the AC, Congested Transmission Lines Cause Renewable Power to Go to Waste
- Sonya Massey's father decries possible release of former deputy charged with her death
- You Will Say Yes Please to These Cute Pics From Adam Levine and Behati Prinsloo's Family Album
Ranking
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Tour de Lust Influencer Christine Tran Ferguson Shares Her 15-Month-Old Son Asher Has Died
- In Oregon Timber Country, a Town Buys the Surrounding Forests to Confront Climate-Driven Wildfires
- The Solar Industry Gained Jobs Last Year. But Are Those Good Jobs, and Could They Be Better?
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Are Legally Acceptable Levels of Pollution Harming Children’s Brain Development?
- As New York’s Gas Infrastructure Ages, Some Residents Are Left With Leaking Pipes or No Gas at All
- All the Signs Prince George Is Taking This Future-King Business Seriously
Recommendation
US wholesale inflation accelerated in November in sign that some price pressures remain elevated
Midwest States, Often Billed as Climate Havens, Suffer Summer of Smoke, Drought, Heat
Below Deck Sailing Yacht's Gary Confronts Daisy & Colin Over Secret Hookup in Reunion Bonus Clip
This Summer’s Heatwaves Would Have Been ‘Almost Impossible’ Without Human-Caused Warming, a New Analysis Shows
FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
Study: Microgrids Could Reduce California Power Shutoffs—to a Point
Carlee Russell’s Boyfriend Pleads With People to Stop Bullying Her Amid Disappearance Investigation
Constance Wu Gives Birth, Welcomes Baby No. 2