Shares in Donald Trump’s social media company, Trump Media & Technology, have plunged to their lowest level since its March debut on the Nasdaq exchange.
The company, which operates the Truth Social platform, saw its shares decline by as much as 3.5% during today’s trading session. This latest drop adds to a month of significant volatility, with the stock losing 36% of its value over the past four weeks.
Truth Social, launched in 2022, was created as an alternative to Twitter—now rebranded as X—allowing users to post “truths” and share others’ posts through “retruthing.” The platform was established following Mr Trump’s departure from office and has become a hub for his supporters.
The recent decline in Trump Media’s share price is attributed to disappointing quarterly results and the former president’s decision to return to X, his erstwhile rival platform. Additionally, the stock was negatively impacted by the announcement of Kamala Harris as the Democratic presidential candidate, which some retail traders interpret as reducing Trump’s chances of a political comeback.
Commentators have said that the company’s value is detached from financial reality, with Trump Media being compared to a “meme stock” in which its price is bidded up by supporters of Mr Trump.
