Trump Media’s stock hits record low following merger

Shares of Truth Social owner Trump Media & Technology Group took a nosedive on Friday, plummeting 12% to their lowest level since the company’s recent public debut. The selloff wiped out nearly $2 billion from former President Donald Trump’s stake in the company in just one week.

Initially, Trump Media shares soared to a high of $79.38 on March 26, the day they started trading on the Nasdaq under the ticker symbol “DJT.” However, since then, the share price has plunged by 49%, closing at $40.49 on Friday. This week alone, Trump Media’s shares have lost about a third of their value, despite a year-to-date increase of over 130%.

Trump’s personal stake in the company now stands at around $3.2 billion, down from $4.9 billion just a week ago. The company recently disclosed a loss of $58 million last year on minimal revenue of $4.1 million, raising concerns about its valuation on Wall Street.

Billionaire Barry Diller, chairman of Expedia and IAC, labeled Trump Media a “scam” and criticized investors as “dopes” for buying the stock. Diller pointed out the lack of revenue for the company, calling the situation “ridiculous.”

In response, a Trump Media spokesperson defended the company, accusing critics of being “die-hard Trump haters and leftwing flacks” who are upset that Truth Social allows diverse political expression. The controversy surrounding Trump Media continues to unfold as investors navigate the volatile stock market.