Donald Trump’s media and technology company, Trump Media & Technology Group, has been making headlines lately for all the wrong reasons. Owned by former U.S. President Donald Trump, the company’s shares have been plummeting to record lows as of late, following Trump’s return to the rival social media platform X.
The stock price of Trump Media hit a low of $21.33, dropping more than 4% before slightly recovering to $21.84, marking an eighth consecutive session of losses. This downward trend can be attributed to Trump’s declining popularity in polls and election betting markets, which has had a significant impact on the stock.
After reaching an all-time high of $79.38 during its Nasdaq debut in March, Trump Media’s fortunes have taken a turn for the worse. The company reported a quarterly loss of $16.4 million and revenue of just $837,000, leading to a decrease in market value from over $8 billion to about $4.3 billion.
Despite the setbacks, the company’s main asset remains the Truth Social app, which has been overshadowed by Trump’s recent return to X. The former president began posting on the platform after almost a year of absence, coinciding with an interview with owner Elon Musk.
As the November 5th vote draws near, Trump’s chances of winning a second term seem to be dwindling. Vice President Kamala Harris, the Democratic candidate, has been gaining ground in polls, with contracts for a Harris victory trading at 56 cents on the PredictIt politics betting platform. In contrast, Trump’s contracts are at 46 cents, down from a high of 69 cents in mid-July.
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