Last Updated on 04/09/2024 by Arun jain
Shares of Donald Trump’s media company fell to their lowest level since the March 26 announcement.
Trump Media and Technology Group Corp., which owns social media platform Truth Social, fell 68.82 percent on Tuesday. The share price was $17.89 Around noon, according to CNBC, a A further decline from Friday’s previous low of $19.50According to Forbes.
This The share price was $79.38 When they came to the stock market in March.
The plunge in the company’s shares, which use the ticker DJT, meant the former president’s net worth had fallen by $163 million as of Tuesday, a 4 percent drop. Forbes.
As of 4.30pm on September 3, Trump’s net worth had dropped to $3.9 billion. Forbes. This Republicans The presidential candidate was not alone in suffering the financial decline.
Other social media companies were also affected Redditwhich fell 4 percent and Snap, which fell 5 percent, Forbes informed. The market slump affected all three major US stock indexes, the New York Stock Exchange, the American Stock Exchange and the National Association of Securities Dealers (NASDAQ).
Forbes The report said the drop, which mostly affected tech companies, was triggered by a report from the Institute for Supply Management that showed manufacturing slowed for the fifth consecutive month in August.
Trump’s stock has risen and fallen over the past few months, often coinciding with the GOP nominee’s political campaign.
While Trump survived a failed assassination attempt on July 13, Trump Media shares jumped 30 percent late Monday after the incident, the outlet reported.
This is in part because DJT trades more like a meme stock than a traditional financial investment that responds to the company’s actual value, CNBC reported. As a result, the former president Net worth decreased by $900 million Since then Kamala Harris Then joined the presidential race Joe Biden withdrew and publicly endorsed her on 21 July CNN.
According to the outlet, Trump Media, which was valued at $4 billion on July 19, fell to about $3.1 billion in early August.
The company has plans to expand its reach to live-stream TV, According to Forbes.
After announcing that the company will be declared public, Trump was included in the list of 500 richest people in the world on Bloomberg According to CNN, the Billionaires Index for the first time.
The Trump Organization’s press office has been contacted by Newsweek For comment.
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