Trump Media (DJT), the parent of Donald Trump’s Truth Social, reached a new low in trading since its public offering in March. On Tuesday, the Nasdaq-listed stock with the ticker DJT fell along with a decline in Nasdaq, the S&P Index, and the Dow Jones Industrial Average. DJT shares fell to a low of $17.89 per share around midday on Tuesday but rose to over $18 on Wednesday.
Tuesday was a bad day for markets, as all major indexes fell in value. Similar social media companies, such as Snap and Reddit, also saw stock declines, with Snap’s stock falling 5 percent while Reddit shares fell 4 percent.
Trump Media shares have shown volatility since its IPO, following which shares reached a high of $79.38 on March 26. However, the stock kept dipping and rising, and it is reportedly tied to the fortunes of its major shareholder, Donald Trump. The stocks fell after Trump’s indictment and rose after a failed assassination attempt on him.
In the recent past, Trump Media shares have been falling, and the downward slump has been more pronounced after President Joe Biden stepped down and endorsed Kamala Harris, reiterating that the stock is tied to the ups and downs that its major shareholder, former President Donald Trump faces. Some web fans consider it to be an investment, while others consider it to be a meme stock.
Trump owns nearly 59 percent of DJT stock. The stocks’ lockup agreement will expire on September 25. However, the deadline can be brought forward to September 20 if Trump Media’s price per share remains above $12 a share for 20 trading days within a 30-trading-day period that began on Friday, August 30.
Donald Trump has not commented on whether he would sell his stock after DJT’s lockup period expires. Campaign expenses, lawsuit costs, and other expenses are due in the next few weeks and months, and this might factor into the decision. If Trump sells his shares, CWEB believes there will be a broader sale as many other investors might follow him and unload their shares.
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