Shares of former President Donald Trump’s media startup on Monday tumbled more than 10 percent, taking the stock down to its lowest point since the company went public six months ago.
The Trump Media & Technology Group stock, which trades under the ticker DJT, closed 10.3 percent lower on Monday, settling at $12.15 a share and marking its sixth successive day of slumping. The stock has declined 17 percent since Thursday, according to Reuters.
“More winning,” tweeted former Rep. Adam Kinzinger, a frequent Trump critic, over a photo of the stock price at closing Monday.
The company has lost more than 80 percent of its value since an initial feeding frenzy in March, when it began trading following a SPAC deal with Digital World Acquisition Corp. Worth an eye-popping $9.5 billion at its zenith, Trump Media’s stock has cratered to a market capitalization of around $2.4 billion, according to CNBC.
At the closing bell Thursday, amidst the decline, Trump Media exited its lockup period, freeing Trump and other major investors to sell off or borrow against their shares. The former president is Trump Media’s majority shareholder, owning just under 60 percent of the company, or roughly 115 million shares, according to filings with the Securities and Exchange Commission.
Trump has repeatedly promised he has “absolutely no intention” of dumping his stock, which on Monday was worth around $1.4 billion.
“A lot of people think the reason [the stock price is] down is a lot of people think I’m going to sell, and if I sell, it’s not going to be the same,” Trump said at a press conference earlier this month, according to CBS News. “But I have absolutely no intention of selling.”
On Friday, the first day of trading post-lockup, more than 22 million shares changed hands, according to CNBC, marking a frenzied uptick of activity from the 14 million that were traded on Thursday.
The DJT stock, largely viewed as a joke or “meme” stock, has been markedly volatile since debuting on the market. Though it surged briefly following the first assassination attempt against Trump in July, it has largely trended downwards.
The company has faced similar financial headwinds. In August, it reported a net loss of more than $16 million for the quarter ending June 30. It reported quarterly revenue of just $836,900, a 30 percent dip from the same period last year.
Trump Media owns Truth Social, the MAGA social media platform that the company has characterized as a “safe harbor for free expression,” but primarily appears to function as a clearinghouse for all of Trump’s thoughts and opinions. It is unclear just how many other users populate, or are indeed active, on the site.
