Trump Media & Technology Group (DJT) shares fell Monday afternoon after former President Donald Trump returned to X, the platform formerly known as Twitter, just hours before his highly anticipated conversation with Elon Musk.
It was the first time Trump had posted on his X account since August 24, 2023.
Shares of the parent company of Trump’s social media platform, Truth Social, closed down about 5 percent at just under $25.
On Friday, DJT reported second-quarter results that showed a net loss of $16.4 million, about half of which was due to expenses related to the company’s SPAC deal. The company also reported revenue of just under $837,000 for the quarter ended June 30, a 30% year-over-year decline.
In April, an updated regulatory filing showed Trump Media reporting revenue of just over $4 million, while its net loss for the full fiscal year ended Dec. 31 was nearly $60 million. The company warned that it expects continued losses amid major profitability challenges.
DJT shares have had a bumpy ride in recent months, fluctuating between highs and lows.
In June, the stock rose (and then fell) after current Commander in Chief Joe Biden stumbled in his first presidential debate with Trump in 2024. A month later, Biden dropped out of the race.
Since Biden’s announcement, stocks have continued to come under pressure as Vice President Kamala Harris, the likely Democratic presidential nominee, is leading Trump in recent polls.
In May, Trump was found guilty on all 34 counts of falsifying business records with the intent to influence the 2016 presidential election – a verdict that caused stocks to fall 5% the day after the conviction.
Trump Media went public on the Nasdaq after merging with acquisition company Digital World Acquisition Corp.
Since the company’s IPO in late March, shares have fallen about 50%.
Trump founded Truth Social after being banned from major social media apps like Facebook (META) and Twitter following the Capitol riots on January 6, 2021. Trump has since been reinstated on those platforms.
Trump owns about 60% of DJT. At a current price of about $25 per share, Trump Media has a market capitalization of about $3.39 billion, giving the former president a stake worth about $2 billion. Immediately after the company’s IPO, Trump’s stake was worth just over $4.5 billion.
In late April, the stock hit a milestone that earned Trump an additional $1.2 billion in cash. However, shareholders are still subject to a six-month lock-up period before they can sell or transfer shares.
Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and send her an email at [email protected].
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