Trump's 'DJT' stock dives to lowest close since Ron DeSantis dropped out

By Tomi Kilgore

Trump Media's stock has lost about 31% since it took the former president's initials as its ticker symbol

Shares of Trump Media & Technology Group Corp., the parent company of Donald Trump's social-media platform Truth Social, continued their rapid selloff Wednesday to a three-month low.

The stock (DJT) dove 8.6% to close at $34.26, as it suffered a seventh loss in the past nine sessions. It has plunged 48.3% over that span.

The stock closed at the lowest price since Jan. 19. That was the trading session before the stock rocketed 88.4% on Jan. 22 after news that Ron DeSantis, once thought to be Trump's primary challenger for the Republican presidential nomination, had dropped out of the primary race.

Don't miss: Trump's 'DJT' stock trades at multiples that exceed the peak of the meme-stock era.

The stock has now shed nearly a third of its value since its ticker symbol changed to Trump's initials, "DJT," after Trump Media's merger with the blank-check company Digital World Acquisition Corp. closed on March 25.

That selloff has erased about $1.24 billion from the value of the shares that Trump himself owned. The total value of the former president's shares was about $2.7 billion.

That value is just on paper, of course, since Trump isn't able to sell the stock for at least another five months.

The latest selloff has been exacerbated by Trump's new financial troubles surrounding a court-ordered appeals bond, and amid concerns about the his first criminal trial, which is scheduled to begin next week.

Despite the recent selloff, the stock is still up 95.8% to date in 2024, while the S&P 500 index SPX has gained 8.2%.

-Tomi Kilgore

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04-10-24 1756ET

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