This photo illustration shows an image of former President Donald Trump reflected on a mobile phone screen showing the Truth Social app on February 21, 2022 in Washington, DC.
Stephanie Reynolds | AFP | Getty Images
sell off Trump Media Shares of former President Donald Trump’s company fell more than 10% in premarket trading Thursday.
The company behind conservative social media app Truth Social trades on Nasdaq under the symbol DJT, with shares hovering around $27.50 a share before the bell.
That would be more than 36% lower than in early June, when Trump Media shares were trading at just above $49 a share.
For Trump, the majority owner of Trump Media stock, the decline represents a huge paper loss.
Trump’s 114,750,000 shares of the company, worth more than $5.6 billion earlier this month, were worth about $3.2 billion based on Thursday’s premarket moves.
Trump’s media has been in a downturn since a New York jury on May 30 found the former president and Republican presidential candidate guilty of 34 felony counts of falsifying business records.
That downward trend accelerated on Tuesday, coinciding with an expected deadline for the U.S. Securities and Exchange Commission to approve its registration statement.
After the market closed, Trump Media revealed that the U.S. Securities and Exchange Commission (SEC) had declared its registration statement effective, and the stock subsequently plummeted more than 17% in after-hours trading.
The development empowers early investors in Trump Media to exercise Warrants They hold the company’s stock and allow shareholders to publicly resell the securities covered by the registration statement.
This is developing news. Please check back for updates.
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