Donald Trump’s media business, Trump Media & Technology Group, is facing a rough start as a public company, with shares hitting a new low since its listing on the Nasdaq exchange. The stock, trading under the ticker symbol “DJT,” fell 12% to close at $40.59, marking the lowest level since its debut on March 26. This week alone, Trump Media shares slid more than 32%, resulting in a loss of roughly $4 billion in market value.
Initially, Trump Media shares soared to $79.38 on March 26, but Wall Street analysts have raised concerns about the company’s financial outlook, deeming it overvalued and likening it to “meme” stocks like GameStop.
Despite the challenges, a Trump Media spokesperson expressed optimism about the company’s future, highlighting its access to capital markets and financial stability. Trump Media posted a loss of $58 million on revenue of $4.1 million for 2023, with its auditor raising concerns about its ability to continue operating. However, the company’s CEO, Devin Nunes, remains confident in its growth potential, emphasizing its lack of debt and $200 million in the bank.
Donald Trump, who owns 57% of Trump Media shares, has seen his stake valued at $3.3 billion. The company’s future remains uncertain, but with plans to enhance its Truth Social platform and capitalize on opportunities, Trump Media aims to establish itself as a leading free-speech platform for the American people.
