Current:Home > ScamsTruth Social parent company shares close at record low after Trump-Harris debate -Thrive Financial Network
Truth Social parent company shares close at record low after Trump-Harris debate
View
Date:2025-04-15 07:16:46
Trump Media & Technology Group, the parent company to former president Donald Trump’s social media platform Truth Social, closed at a record low following Tuesday night’s presidential debate.
Trading under the ticker DJT, shares fell more than 10% Wednesday to close at $16.68.
USA TODAY has previously reported that Trump Media has become a way for investors to bet on Trump’s chances to win the presidential election against Kamala Harris.
"Changes in stock prices are always about expectations," said Mike Stegemoller, a finance professor at Baylor University in Waco, Texas. "It's pretty fair to say that, probably, expectations were that he was going to do better last night than he did."
Trump Media regulatory filings say the company's success depends on Trump's reputation, warning that its brand “may diminish” if the former president's popularity wanes. Shares have been popular with individual investors looking to show support for Trump.
Another potential factor to the share's downward trend, according to University of Florida finance professor Jay Ritter: the company indicating that it may issue up to $2.5 billion worth of new shares as part of a deal inked with Yorkville Advisors in July.
"That selling pressure might also be exerting downward pressure on the price," Ritter said.
The stock has been volatile since Trump Media went public in March via a merger with a blank-check company, falling roughly 75% since its peak closing price in March.
Trump owns about 60% of Trump Media's stock, valued at nearly $2 billion when markets closed Wednesday. A six-month lockup period that has prevented him from selling off his shares is set to end as soon as next week.
While a selloff could help Trump pay off his legal bills, it could also flood the market and drive share prices down further. The Trump campaign did not immediately respond to a request for comment on whether Trump intends to sell his shares.
Contributing: Jessica Guynn, USA TODAY
veryGood! (225)
Related
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- Lautaro Martínez scores twice and Argentina playing without Messi beats Peru 2-0 to end group play
- LeBron James to free agency after declining Los Angeles Lakers contract option
- Simone Biles leads at US Olympic trials, but shaky beam routine gets her fired up
- Current, future North Carolina governor’s challenge of power
- US Track & Field Olympic trials live updates: Noah Lyles, Gabby Thomas win 200 finals
- Why the Supreme Court's decision overruling Chevron and limiting federal agencies is so significant
- Severe storm floods basements of Albuquerque City Hall and Police Department
- John Galliano out at Maison Margiela, capping year of fashion designer musical chairs
- Knee injury knocks Shilese Jones out of second day of Olympic gymnastics trials
Ranking
- The Super Bowl could end in a 'three
- J.K. Rowling feuds with 'Potter' star David Tennant, calls him member of ‘gender Taliban’
- Second U.S. service member in months charged with rape in Japan's Okinawa: We are outraged
- Olivia Culpo Marries Christian McCaffrey in Rhode Island Wedding Ceremony
- Intel's stock did something it hasn't done since 2022
- India edges South Africa to win T20 World Cup cricket title
- Yung Miami Leaves Little to the Imagination on 2024 BET Awards Red Carpet
- US Olympic gymnastics trials recap: Fred Richard wins; who made team?
Recommendation
At site of suspected mass killings, Syrians recall horrors, hope for answers
Kin, community demand accountability for fatal NY police shooting of 13-year-old boy
Lupita Nyong'o talks 'grief and euphoria' of 'Quiet Place' ending
Usher's Sweet Tribute to Fatherhood at 2024 BET Awards Got Us Fallin' in Love
McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
Trump ally Steve Bannon to report to federal prison to serve four-month sentence on contempt charges
Horoscopes Today, June 28, 2024
Enjoy the beach this summer, but beware the sting of the jellyfish