Shares of former President Donald Trump’s media start-up fell more than 10% on Monday, to their lowest price since the company went public six months ago.
Shares of Trump Media & Technology Group, which trades under the ticker symbol DJT, fell 10.3% on Monday to close at $12.15 a share, marking its sixth consecutive day of declines. The stock has fallen 17% since Thursday, according to Reuters.
“Another win,” former Rep. Adam Kinzinger, a frequent critic of Trump, tweeted alongside a photo of stock prices closing at 7.5% on Monday.
The company has lost more than 80% of its market cap since the initial buying spree in March, when it began trading following a SPAC deal with Digital World Acquisition Corp. Valued at its peak at a staggering $9.5 billion, Trump Media’s shares have plummeted to a market cap of about $2.4 billion, according to CNBC.
As its stock price tumbled, Trump Media ended its lockup period at the close of trading on Thursday, allowing Trump and other major investors to sell their shares or borrow against them. Former President Trump is Trump Media’s largest shareholder, owning just under 60% of the company, or about 115 million shares, according to filings with the Securities and Exchange Commission.
Trump has repeatedly promised that he has “no intention” of selling his company’s stock, which was worth about $1.4 billion as of Monday.
“I think the reason it’s going down is because a lot of people think I’m going to sell, and if I did, things wouldn’t be the same,” Trump told CBS News during a press conference earlier this month. “But I have no intention of selling.”
More than 22 million shares traded on Friday, the first day of trading after the lockup, up from 14 million shares on Thursday, according to CNBC.
DJT shares, largely viewed as a joke or “meme” stock, have been highly volatile since their market debut, briefly surging after the first assassination attempt on President Trump in July but have since been mostly on a downward trend.
The company is facing similar financial headwinds: In August, it reported a net loss of more than $16 million for the quarter that ended June 30. Quarterly revenue was just $836,900, down 30 percent from the same period a year ago.
Trump Media owns Truth Social, a MAGA social media platform that the company positions as a “safe haven for free expression,” but it appears to function primarily as a clearinghouse for all of Trump’s thoughts and opinions. It’s unclear how many other users the site has, or if they’re actually active on it.
