The shares of Trump Media & Technology Group continue to decline

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Trump Media & Technology Group shares continued to spiral Monday, putting the company’s stock on track close at its lowest level since listing on the Nasdaq exchange in late March.
In late-day trading the stock was down $4.15, or more than 10%, to $36.44.
Since that peak the stock has fallen 54%, with Trump Media’s market capitalization dropping to less than $5 billion.
Trump Media, whose main asset is the social media service Truth Social, generated $4.1 million in revenue in 2023.
The company disclosed mounting losses in a regulatory filing earlier this month, while noting its accountant had warned of “substantial doubt about its ability to continue as a growing concern.”
Trump Media has mostly captured the attention of supporters of the former president, as well as retail investors who wanted to cash in on the mania, rather than big institutional and professional investors.
In an April 5 statement to CBS MoneyWatch, a Trump Media spokesperson said the company foresees “numerous possibilities for expanding and enhancing” Truth Social.
The company has no debt and over $200 million cash, she said.

NEUTRAL

Monday’s steep decline in Trump Media and Technology Group shares put the company’s stock on course to close at its lowest point since it debuted on the Nasdaq exchange in late March.

Over 10 percent of the stock’s value, or $4.15, had been lost in late-day trading to reach $36.44. Following its market debut on March 26, the company—which trades under the ticker symbol “DJT” and has former President Donald Trump as its largest shareholder—soared to a high of $79.38, valuing it at more than $9 billion.

Trump Media’s market capitalization has decreased to less than $5 billion since the stock’s peak, a 54 percent decline.

Bringing in $4.1 million in revenue in 2023, Trump Media’s primary asset is the social media platform Truth Social. Early this month, the company filed a regulatory report in which it revealed increasing losses and stated that its accountant had expressed “substantial doubt about its ability to continue as a growing concern.”. ****.

Rather than large institutional and professional investors, Trump Media has primarily drawn the attention of former president supporters and individual investors looking to profit from the frenzy.

“With the Trump news factor, DJT has all the makings of a meme stock,” wrote Ben Emons, head of fixed income at NewEdge Wealth and senior portfolio manager, in a research note in late March.

Trump Media sees “many possibilities for expanding and enhancing” Truth Social, a spokesperson told CBS MoneyWatch in a statement dated April 5. She stated that the company has over $200 million in cash and is debt free.

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