Trump media stock takes a nose dive as he returns to Oval Office
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Trump launched crypto coin just days before taking office, the price of which also dropped on Tuesday after initially rallying. The stock price of Trump Media & Technology Group plummeted during the first full day of President Donald Trump’s second term, dropping more than 11 percent in a single day.
A share of Trump Media, which sells under the ticker “DJT,” was worth just over $35 on Tuesday afternoon. On Friday, it was worth more than $40, about the same as after the assassination attempt that saw Trump get shot in the ear in July last year. The share price has dropped more than 28 percent over the course of the last year.
Trump Media, the parent company of Truth Social, isn’t the only Trump-connected entity seeing its price drop. Trump launched a crypto coin just days before taking office, the price of which dropped on Tuesday after initially rallying. Trump’s meme coin, going under the name $TRUMP, fell 29 percent Tuesday. Memecoins are a kind of digital currency whose value is unconnected to financial metrics, instead depending on investors’ feelings or cultural trends. Investing in meme coins tends to be a highly volatile option.
“They’re plumbing new depths of idiocy with the memecoin launch,” he added. The share price of Trump Media shot up following Trump’s election victory, only to come straight back down. The president owns about 114.5 million shares in Trump Media, which is valued at about $4 billion, Fortune noted.
