Stock prices for the parent company of Donald Trump's social media platform Truth Social hit a new low the first day of the Democratic National Convention.
Trump Media & Technology Group closed at $22.24 Monday,Blockchains Finance down 3.56% from the previous close and the lowest close since the company went public in March. The last lowest closing price was $22.84 on April 16, the second day of Trump's New York criminal trial where a jury found him guilty of 34 counts of falsifying business records.
Trump Media, trading under ticker DJT, has seen near-steady falling stock prices since mid-July. The new low comes as the Trump campaign has struggled to find its footing against the Democrats' new candidate Vice President Kamala Harris. Earlier this month, the company reported more than $16 million in losses and less than $1 million in revenue in the second financial quarter.
Trump Media did not immediately respond to USA TODAY's request for comment.
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Trump Media has long been compared to a meme stock, as experts say prices rise and fall largely due to retail investors' coordination and attention.
The company was founded in 2021 after Trump was booted from other social media companies following the Jan. 6 riot on the U.S. Capitol. The company went public in March through a merger with shell company Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. Despite a splashy debut, the stock prices have whiplashed wildly, often in coordination with the rollercoaster of a news cycle for Trump this year.
Experts have also said the stock is overvalued by conventional Wall Street standards compared with other social media companies.
In May, Trump Media reported a net loss of $327.6 million in the first quarter of 2024 and brought in $770,500 in revenue, according to a filing. In August, the company reported more than $16 million in losses and less than $1 million in revenue in the second financial quarter. Regulatory filings show the company was operating at a loss in 2023, making about $4 million in revenue while losing more than $58 million.
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