Even Trump’s Election Win Can’t Sustain His Garbage Media Stock
Donald Trump’s worthless stock just plunged again, all but wiping out the president-elect’s victory gains. Shares of Trump Media & Technology Group, or DJT, sank on Thursday, after briefly spiking in the hours following the announcement that he’d won the presidency. The stock gained nearly 6 percent Wednesday but dropped more than 20 percent in afternoon trading the following day, according to CNBC. This is likely due to profit-taking from investors looking to cash in on Trump’s postelection bump and well aware that without the election to drive Trump’s stock prices, there isn’t much more DJT has to offer. Trump Media is a particularly volatile stock because it is tied to a service that no one really uses: Truth Social, currently the epicenter of Trump’s online ravings and not much else. As such, DJT functioned as a meme stock, rising and falling in tandem with Trump’s election prospects. It seems that since the presidential race has finally come to an end, the stock has been rendered useless for now.In a surprise filing Tuesday, Trump Media reported that it lost more than $19 million in its third quarter this year. The company had only $2.6 million in revenue, while racking up a net loss of $363 million for the first nine months of 2024. The same day, DJT’s stock value plummeted as investors furiously traded shares, and trading was temporarily halted five times. Trading had previously been frozen in mid-October after a wild trading session caused the stock price to plummet. Frenzied trading in October indicated that investors were looking to ride the stock to some easy gains following Trump’s election victory, and now they have. Any gains the stock saw with Trump’s victory have now been reduced back to nothing.
Donald Trump’s worthless stock just plunged again, all but wiping out the president-elect’s victory gains.
Shares of Trump Media & Technology Group, or DJT, sank on Thursday, after briefly spiking in the hours following the announcement that he’d won the presidency.
The stock gained nearly 6 percent Wednesday but dropped more than 20 percent in afternoon trading the following day, according to CNBC. This is likely due to profit-taking from investors looking to cash in on Trump’s postelection bump and well aware that without the election to drive Trump’s stock prices, there isn’t much more DJT has to offer.
Trump Media is a particularly volatile stock because it is tied to a service that no one really uses: Truth Social, currently the epicenter of Trump’s online ravings and not much else. As such, DJT functioned as a meme stock, rising and falling in tandem with Trump’s election prospects. It seems that since the presidential race has finally come to an end, the stock has been rendered useless for now.
In a surprise filing Tuesday, Trump Media reported that it lost more than $19 million in its third quarter this year. The company had only $2.6 million in revenue, while racking up a net loss of $363 million for the first nine months of 2024.
The same day, DJT’s stock value plummeted as investors furiously traded shares, and trading was temporarily halted five times.
Trading had previously been frozen in mid-October after a wild trading session caused the stock price to plummet. Frenzied trading in October indicated that investors were looking to ride the stock to some easy gains following Trump’s election victory, and now they have. Any gains the stock saw with Trump’s victory have now been reduced back to nothing.
