Trump Media shares close down by more than 5%, latest grim day for Truth Social owner

The share price of Trump Media fell 5.4% at the close of trading on Thursday. DJT shares, the majority of which are owned by former President Donald Trump, ended at $32.41. Thursday’s drop came a day after Trump Media shares fell 8.57%. The social media company’s stock began public trading on the Nasdaq on March 26 with an opening price of $70.90, and soared to a high of nearly $80 that day. But the share price has slumped since then. The company’s market capitalization as of Thursday is $4.43 billion, markedly lower than the level seen when shares began trading last month, but still relatively very high given the firm’s financial results last year. Trump Media reported revenue of just $4.1 million in 2023, and a net loss of $58 million. Trump Media owns the Truth Social app, which Trump frequently uses to communicate with followers. Trump owns nearly 60% of the company’s shares. As of Thursday’s close, his shares are worth $2.55 billion on paper, about half of what they were worth two weeks ago. Under the terms of a merger with a shell company that took Trump Media public, Trump is barred from selling his shares for six months from the March 22 closing date of that deal. Trump is the presumptive Republican presidential nominee.