Truth Social shares fell sharply for a second consecutive day, wiping out billions of dollars from the value of Donald J. Trump's stake.
Shares of Trump Media & Technology Group, the company behind social media platform Truth Social, plunged for a second consecutive day on Monday.Shares of Trump Media & Technology Group, the company behind social media platform Truth Social, plunged for a second consecutive day on Monday.About two weeks since its meteoric debut, shares of Truth Social are slumping, wiping out billions of dollars in value in former President's Trump's stake.
Shares of Trump Media & Technology Group — the company behind Truth Social — lost 8% on Monday after already losing 12% on Friday.It's now trading at its lowest level since the company's trading debut on March 26. Trading has been remarkably volatile since its debut, with some big swings.The former president owns a majority stake in the company and his stake was valued at about $2.9 billion on Monday, down from a peak of over $6 billion after its debut on its trading debut.
Analysts had cautioned that Trump Media shares were were trading completely divorced from its actual financial health. But shares are being sustained by thousands of individual investors, many who are believed to be strong Trump supporters.
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