Trump Media shares close lower as Truth Social owner slump continues

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Trump Media shares close lower as Truth Social owner slump continues

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The share price of Trump Media fell 5.4% at the close of trading on Thursday.

DJT shares, the majority of which are owned by former President Donald Trump, ended at $32.41.

Thursday’s drop came a day after Trump Media shares fell 8.57%.

The social media company’s stock began public trading on the Nasdaq on March 26 with an opening price of $70.90, and soared to a high of nearly $80 that day.

But the share price has slumped since then.

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‘s market capitalization as of Thursday is $4.43 billion, markedly lower than the level seen when shares began trading last month, but still relatively very high given the firm’s financial results last year. Trump Media reported revenue of just $4.1 million in 2023, and a net loss of $58 million.

Trump Media owns the Truth Social app, which Trump frequently uses to communicate with followers.

Trump owns nearly 60% of the company’s shares. As of Thursday’s close, his shares are worth $2.55 billion on paper, about half of what they were worth two weeks ago.

Under the terms of a merger with a shell company that took Trump Media public, Trump is barred from selling his shares for six months from the March 22 closing date of that deal.

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