It ended up trading at $31.31 today….
The company makes no realm money and the stock should be a ‘penny’ stock….
It DID trade as high as $94 a share….
But it ain’t going there again….
The ‘short’ buy/sellers have taken their haul it would seem and are jumping ship….
Things Donald Trump touch have a habit of sometimes turning to shit…
Shares of Trump Media & Technology Group – Donald Trump’s namesake social media company – tumbled Tuesday as the stock continued a long slide that began following the former president’s guilty verdict on all 34 felony counts in his criminal hush money trial.
Trump Media, which trades under the vanity ticker “DJT,” has tanked 39% since May 30 when a New York jury found Trump guilty of falsifying business records.
On Tuesday, Trump Media closed down 10% to $31.31. The sell-off came as Trump Media warned investors that it could not force its majority shareholder to favor Truth Social, the company’s flagship platform, including posting there first.
Trump Media is proving to be a risky proposition for investors. Volatility has become the hallmark of the stock. It has swung wildly from a high of $79.38 a share at the close of March 26 to its lowest close of $22.84 on April 16.
Its shrinking market cap of $5.5 billion rests almost entirely on the Trump brand and his loyal following, including small-time investors who’ve shown their support for him by propping up the stock….
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Trump Media officials have blamed stock manipulation by “naked” short sellers for its woes.
Short sellers don’t actually own the shares, but borrow them and then sell them, betting the stock will fall so they can buy back the shares at a lower price and keep the difference. “Naked” short selling involves betting a stock will fall without borrowing or owning the shares. Such a practice can be illegal….