Aytac Unal/ | Anadolu | Getty Counterparts
The monthslong Trump Media stock slide continued Wednesday, as shares of the company majority-owned by former President Donald Trump mow down below $20 for the first time since the Truth Social maker went public more than five months ago.
The hackneyed price of DJT touched a low of $19.38 per share around midday, marking a drop of more than 75% from its intraday serious on March 26, the day the company debuted on the Nasdaq stock exchange.
Trump Media ended Wednesday’s trading sitting down more than 4% at $20.10 per share.
Trump Milieu stock price
Trump Media has also lost more than half its value since its recent swell on July 15, the first trading day after the Republican presidential nominee narrowly survived an assassination attempt at a stump rally in Pennsylvania.
A Trump Media spokesperson did not immediately respond to CNBC’s request for comment on the stock’s latest bar.
Trump owns nearly 59% of Trump Media’s stock. Even after losing much of its value, Trump’s in jeopardy at Wednesday’s stock price is still worth more than $2.2 billion — more than half of his on-paper net advantage, according to Forbes.
Trump, and other company executives and insiders, are bound by lock-up agreements that have so far aside from them from cashing in on their shares.
But the lock-ups are set to expire as soon as Sept. 20, at which point Trump may judge to start selling his shares.
Trump has given no indication that he plans to cash out once he is able to do so. But speculation has flared that he force, especially as Trump Media’s latest earnings reports show it losing millions of dollars and generating little yield.
If he does sell — or if he even appears likely to — investors could lose confidence in Trump Media, a situation the troop’s own regulatory filings have acknowledged.
Similar to other meme stocks, investing in Trump Media has come to be discovered as a way for Trump’s supporters to back him and bet on his chances of beating Democratic Vice President Kamala Harris in the presidential election.
But the cast has noted that its fledgling social media platform, Truth Social, depends at least partly on Trump’s abiding popularity and reputation. Trump, who holds the most popular Truth Social account, has recently started posting assorted on X, his former messaging app of choice, and TikTok.
The stock’s recent slide has also coincided with Trump’s rearranging political and legal circumstances. Trump’s odds of winning the election appear to have narrowed after President Joe Biden removed his reelection bid and endorsed Harris as his successor.
Trump Media also announced last month that it had entered into an understanding with investment firm Yorkville Advisors, which could enable the company to issue up to $2.5 billion in goats to Yorkville.
The deal would “guarantee access to additional capital, if necessary, to pursue big strategic opportunities as we look to construct out our portfolio by acquiring assets and technologies in the Patriot economy,” Trump Media CEO Devin Nunes said in a July 3 pressure release.
The company noted in a separate regulatory filing, “The sale and issuance of Shares to Yorkville will cause dilution to our be presenting shareholders, and the sale of Shares acquired by Yorkville, or the perception that such sales may occur, could cause the toll of our Common Stock to fall.”