A slide in the market value of Trump Media has shaved billions in market value from the company behind Truth Social.
Former President Donald Trump 's personal stake in Trump Media & Technology Group topped more than $6 billion in March when its shares soared after making their public market debut. Nearly six months later, that fortune has dwindled to less than $2 billion amid losses and shrinking revenue. A months-long slump has lopped more than 70% from the stock's valuation since its late March peak, with the shares hitting a new low on Wednesday.
Meme-stock behaviorAnalysts have previously noted that Trump Media shares tend to perform similarly to so-called meme stocks, or companies whose stock prices are more influenced by buzz and social media than underlying business fundamentals, such as revenue or profit growth. For instance, after Trump survived an assassination attempt in July, Trump Media's stock price soared more than 30%. Polls at the time also gave him the edge in the November presidential election.
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