Current:Home > ScamsTrump Media & Technology Group shares continue to fade -PrimeFinance
Trump Media & Technology Group shares continue to fade
View
Date:2025-04-20 06:11:58
Trump Media & Technology Group shares continued to spiral Monday, putting the company's stock on track close at its lowest level since listing on the Nasdaq exchange in late March.
In late-day trading the stock was down $4.15, or more than 10%, to $36.44. The company, whose largest shareholder is former President Donald Trump and which trades under the ticker symbol "DJT," surged to a high of $79.38 after its market debut on March 26, valuing it at more than $9 billion.
Since that peak the stock has fallen 54%, with Trump Media's market capitalization dropping to less than $5 billion.
Trump Media, whose main asset is the social media service Truth Social, generated $4.1 million in revenue in 2023. The company disclosed mounting losses in a regulatory filing earlier this month, while noting its accountant had warned of "substantial doubt about its ability to continue as a growing concern."
Trump Media has mostly captured the attention of supporters of the former president, as well as retail investors who wanted to cash in on the mania, rather than big institutional and professional investors.
"DJT has all the makings of a meme stock, given the Trump news factor," noted Ben Emons, senior portfolio manager and head of fixed income at NewEdge Wealth, in a research note in late March.
In an April 5 statement to CBS MoneyWatch, a Trump Media spokesperson said the company foresees "numerous possibilities for expanding and enhancing" Truth Social. The company has no debt and over $200 million cash, she said.
Kate GibsonKate Gibson is a reporter for CBS MoneyWatch in New York.
veryGood! (1789)
Related
- Jorge Ramos reveals his final day with 'Noticiero Univision': 'It's been quite a ride'
- New report says most American Jews feel less safe in US after Israel-Hamas war
- Bob Edwards, longtime NPR 'Morning Edition' host, dies at 76: 'A trusted voice'
- Court uphold life sentences for Atlanta Olympics and abortion clinic bomber
- Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
- Lawmaker seeks official pronunciation of ‘Concord,’ New Hampshire’s capital city
- Kentucky lawmakers advance proposed property tax freeze for older homeowners
- Winter storm hits Northeast, causing difficult driving, closed schools and canceled flights
- McConnell absent from Senate on Thursday as he recovers from fall in Capitol
- Killer Mike says 'all of my heroes have been in handcuffs' after Grammys arrest
Ranking
- Stamford Road collision sends motorcyclist flying; driver arrested
- My Big Fat Fabolous Life's Whitney Way Thore Reveals 100-Pound Weight Loss Transformation
- A Battle Over Plastic Recycling Claims Heats Up in California Over ‘Truth in Labeling’ Law
- Kentucky attorney general files lawsuit alleging Kroger pharmacies contributed to the opioid crisis
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- Hiker stranded on boulder hoisted to safety by helicopter in California: Watch the video
- This Valentine's Day show your love with heart-shaped pizza, donuts, nuggets and more
- Feds offer $50,000 reward after 3 endangered gray wolves found dead in Oregon
Recommendation
$73.5M beach replenishment project starts in January at Jersey Shore
Biden's campaign gives in and joins TikTok. Blame the youngs
Photos: Taylor Swift's super great, amazing day celebrating the Chiefs at Super Bowl 58
A big tax refund can be a lifesaver, but is it better to withhold less and pay more later?
Skins Game to make return to Thanksgiving week with a modern look
A judge has blocked enforcement of an Ohio law limiting kids’ use of social media amid litigation
Former pro wrestler William Billy Jack Haynes in custody after wife found dead in Oregon home
Everything you need to know about Selection Sunday as March Madness appears on the horizon