Shares of Trump Media & Technology Group (DJT) fell Monday afternoon after former President Donald Trump returned to X, the platform formerly known as Twitter, just hours before his arrival. long-awaited conversation with Elon Musk.
It was the first time Trump posted to his X account since August 24, 2023.
Shares of the parent company of Trump’s social media platform, Truth Social, closed about 5% lower, trading around $25.
DJT on Friday reported Second-quarter results showed a net loss of $16.4 million, about half of which was related to expenses related to the company’s SPAC deal. The company also reported revenue of just under $837,000 for the quarter ended June 30, down 30% year over year.
In April one updated registration dossier showed that Trump Media reported revenue of just over $4 million, while net losses were nearly $60 million for the full year ended December 31. The company warned that it expects losses to continue amid heightened profitability challenges.
DJT stock has been on a bumpy ride in recent months, swinging between highs and lows.
In June, the stock plummeted (and then fell) after current Commander-in-Chief Joe Biden stumbled in his first 2024 presidential debate with Trump. Biden dropped out of the race a month later.
Since Biden’s announcement, stocks have remained under pressure as Vice President Kamala Harris, the presumptive Democratic presidential nominee, leads Trump in the latest poll.
In May, Trump was found guilty on all 34 counts of falsifying corporate records intended to influence the 2016 presidential campaign — a verdict that sent shares down 5% the day after the conviction.
Trump Media then went public on the Nasdaq to combine with a special purpose acquisition company Digital World Acquisition Corp.
Shares are down about 50% since the company’s public debut in late March.
Trump founded Truth Social after being kicked off major social media apps like Facebook (META) and Twitter following the January 6, 2021 Capitol riots. Trump has since been reinstated on those platforms.
Trump maintains a rough 60% interest in DJT. At current levels of about $25 per share, Trump Media has a market cap of roughly $3.39 billion, giving the former president a stake of about $2 billion. Immediately after the company’s public debut, Trump’s stake was worth just over $4.5 billion.
In late April, the stock reached a milestone that netted Trump another $1.2 billion in cash. However, stakeholders are still subject to a six-month lock-up period before they can sell or transfer shares.
Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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