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Trump Media & Technology Group stock is in a free fall (again).
After the lockup period on Donald Trump’s shares came to an end Friday, shares of Trump Media — the company that owns the former president’s social media site, Truth Social — have slid to new lows. Shares fell 8%, trading at $12.44 each Monday afternoon.
That tipped the company’s market capitalization to $2.5 billion, a nearly 80% plunge from its high-flying days in the aftermath of its Nasdaq debut on March 26.
Despite speculation, Trump himself said earlier this month that he has “absolutely” no plans to dump his stake in the company — even though he stood to earn upwards of $2 billion from a potential stock sale.
“The reason I built it is because I don’t want to have my voice shut down,” Trump said during a press conference at his golf course near Los Angeles on Sept. 13. “A lot of people think that I will sell my shares, you know, they’re worth billions of dollars, but I don’t want to sell my shares. I don’t need money.”
Trump holds 114.75 million shares of Trump Media, or about 60% of the company’s outstanding stock. In a regulatory filing in June, Trump Media cited Trump’s divestment from the company as one of the top risks to its business.
Even as Trump continues to hold on to his shares, however, the stock has depreciated considerably in recent weeks, including after his debate performance against Vice President Kamala Harris.
That’s because much of the company’s success is tied to the former president’s personal and political fortunes. The company itself has warned in filings that “adverse reactions to publicity relating to [Trump], or the loss of his services, could adversely affect TMTG’s revenues and results of operations.”
As the presidential election nears, the stock could continue to face challenges. John Rekenthaler, vice president of research at Morningstar (MORN), previously told Quartz that he would “expect the stock to go to zero or something close to it, if [Trump] were to lose the election.”
