A sell-off of Trump Media
is poised to pick up speed Thursday, with shares of former President Donald Trump’s company down more than 10% in premarket trading.
The company behind the conservative social media app Truth Social, which trades on the Nasdaq as DJT, was hovering around $27.50 per share ahead of the market’s open.
That would be more than 36% lower than it stood at the start of June, when Trump Media stock cost just over $49 a share.
The slide represents a massive on-paper loss for Trump, the majority owner of Trump Media stock.
Trump’s 114,750,000 shares in the company, worth more than $5.6 billion at the beginning of the month, would be worth around $3.2 billion based on Thursday’s moves before the bell.
Trump Media has been in a slump since May 30, when a New York jury convicted the former president and presumptive Republican presidential nominee on 34 felony counts of falsifying business records.
That downward trend accelerated Tuesday, dovetailing with a company deadline related to the Securities and Exchange Commission’s expected approval of its registration statement.The stock fell nearly 10% in Tuesday’s session, on more than double the average trading volume.
