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Trump facing $2 BILLION in losses as his Truth Social stocks tank by almost 50% - with decline accelerating in the last week
Donald Trump's media company continues to face trouble as its stock price has been dropping faster than ever, despite getting some good news from the SEC earlier this week.
Trump Media & Technology Group, the owner of social networking site Truth Social, ended Friday's trading at $26.75 a share, just over half the $49 a share the company traded at when the month began.
TMTG has slumped ever since the a New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election on May 30. Trump faces a July 11 sentencing.
The former president's own stock takes a massive hit from the decrease, as his 114.7 million shares worth would drop $2.4 billion in value.
It comes in a week where the SEC declared effective the company's filing for resale of certain shares and warrants, potentially giving it about $247 million in proceeds.
Donald Trump 's media company continues to face trouble as its stock price has been dropping faster than ever, despite getting some good news from the SEC earlier this week
Trump Media & Technology Group, the owner of social networking site Truth Social, ended Friday's trading at $26.75 a share, just over half the $49 a share the company traded at when the month began
When TMTG made the announcement of the new shares Tuesday, the stock price dropped 17 percent ahead of a further 15 percent drop Friday.
The company only reported about $770,000 in revenue in the first quarter of 2024 with a net loss of $324.6 million.
The company said that with its warrants now being exercisable, it expects to be 'well-positioned' to pursue TV streaming, other enhancements to the platform and potential mergers and acquisitions.
Trump Media said that the proceeds from the potential sale of these warrants would supplement more than $200 million in unrestricted cash it currently retains.
The company added that an additional $40 million of restricted cash on its balance sheet will become unrestricted as a result of the registration statement on Form S-1 becoming effective.
The stock, which trades under the ticket symbol 'DJT,' has been extraordinarily volatile since its debut in late March, joining the group of meme stocks that are prone to ricochet from highs to lows as small-pocketed investors attempt to catch an upward momentum swing at the right time.
Trump’s net worth was $5 billion as of market close at 4 p.m. ET, making him the 1,438th-richest person in the world, according to Forbes calculations.
A majority of Trump’s fortune stems from his stake in Trump Media.
TMTG has slumped ever since the a New York jury found Trump guilty of falsifying business records in a scheme to illegally influence the 2016 election on May 30. Trump faces a July 11 sentencing
A jury of seven men and five women at Manhattan Criminal Court deliberated for nearly 10 hours before convicting the former President of 34 charges of falsifying business records on May 30.
It was the first time a former U.S. President has faced a criminal trial and the verdict could upend the 2024 White House race, proving a pivotal moment in the history of the United States.
The verdict comes after five weeks of dramatic evidence and 22 witnesses being quizzed on the stand.
The 34 charges Trump faces each carry a maximum potential sentence of up to four years in prison. A sentencing date is set for July 11 at 10am ET.
Prosecutors told of a plot by Trump to 'corrupt' the 2016 election by hiding a $130,000 hush money payment by his 'fixer' Michael Cohen to porn star Stormy Daniels.