Donald Trump’s media company has hit a new low in the stock market since its public debut on March 26. The Trump Media and Technology Group Corp., which operates the social media platform Truth Social, saw a significant decline, with shares plummeting by 68.82% on Tuesday, landing at about $17.89 at midday, down from a prior low of $19.50 reported on Friday, per Forbes.
When the stock launched in March, it debuted at a much higher price of $79.38, demonstrating a steep decline over the months.
As a result of this downturn, Trump’s net worth has diminished by $163 million, bringing it to approximately $3.9 billion as of 4:30 PM EDT on September 3, according to Forbes.
Trump isn’t alone; other social media companies like Reddit and Snap have also seen their stocks drop, with declines of 4% and 5% respectively. This market downturn has influenced all major U.S. stock indexes, including the NYSE and Nasdaq, as reported by Forbes.
The fall can be linked to a recent Institute for Supply Management report indicating a fifth straight month of declining manufacturing in August.
Trump Media’s stock has been volatile, often reflecting the nuances of Trump’s political endeavors. Notably, after a failed assassination attempt on July 13, shares surged by 30% shortly after the incident, highlighting its meme stock-like behavior rather than a traditional stock response, according to CNBC.
Since mid-July, Trump’s net worth has plummeted by $900 million following Kamala Harris’ presidential run announcement, as mentioned by CNN. The company’s valuation mirrored this trend, dropping from about $4 billion on July 19 to roughly $3.1 billion in early August.
Despite the challenges, Trump Media has plans to expand into live-streaming television according to Forbes. Following the announcement of its public trading status, Trump made his debut on the Bloomberg Billionaires Index as one of the world’s wealthiest individuals.