Current:Home > ContactTrump Media & Technology Group shares continue to fade -Aspire Money Growth
Trump Media & Technology Group shares continue to fade
View
Date:2025-04-14 15:44:44
Trump Media & Technology Group shares continued to spiral Monday, putting the company's stock on track close at its lowest level since listing on the Nasdaq exchange in late March.
In late-day trading the stock was down $4.15, or more than 10%, to $36.44. The company, whose largest shareholder is former President Donald Trump and which trades under the ticker symbol "DJT," surged to a high of $79.38 after its market debut on March 26, valuing it at more than $9 billion.
Since that peak the stock has fallen 54%, with Trump Media's market capitalization dropping to less than $5 billion.
Trump Media, whose main asset is the social media service Truth Social, generated $4.1 million in revenue in 2023. The company disclosed mounting losses in a regulatory filing earlier this month, while noting its accountant had warned of "substantial doubt about its ability to continue as a growing concern."
Trump Media has mostly captured the attention of supporters of the former president, as well as retail investors who wanted to cash in on the mania, rather than big institutional and professional investors.
"DJT has all the makings of a meme stock, given the Trump news factor," noted Ben Emons, senior portfolio manager and head of fixed income at NewEdge Wealth, in a research note in late March.
In an April 5 statement to CBS MoneyWatch, a Trump Media spokesperson said the company foresees "numerous possibilities for expanding and enhancing" Truth Social. The company has no debt and over $200 million cash, she said.
Kate GibsonKate Gibson is a reporter for CBS MoneyWatch in New York.
veryGood! (73991)
Related
- Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
- How to watch the 'Blue Bloods' Season 14 finale: Final episode premiere date, cast
- All That You Wanted to Know About She’s All That
- Nevada attorney general revives 2020 fake electors case
- What to know about Tuesday’s US House primaries to replace Matt Gaetz and Mike Waltz
- The Grammy nominee you need to hear: Esperanza Spalding
- Intellectuals vs. The Internet
- Biden administration makes final diplomatic push for stability across a turbulent Mideast
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
Ranking
- Civic engagement nonprofits say democracy needs support in between big elections. Do funders agree?
- Former longtime South Carolina congressman John Spratt dies at 82
- Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
- All That You Wanted to Know About She’s All That
- Nearly half of US teens are online ‘constantly,’ Pew report finds
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
Recommendation
Most popular books of the week: See what topped USA TODAY's bestselling books list
Gen. Mark Milley's security detail and security clearance revoked, Pentagon says
Trump issues order to ban transgender troops from serving openly in the military
The city of Chicago is ordered to pay nearly $80M for a police chase that killed a 10
Travis Hunter, the 2
Rams vs. 49ers highlights: LA wins rainy defensive struggle in key divisional game
Trump suggestion that Egypt, Jordan absorb Palestinians from Gaza draws rejections, confusion
Could your smelly farts help science?