Trump Media shares close down more than 8%, putting market cap under $5 billion
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The share price of Trump Media closed trading Wednesday down 8.57%, putting the company’s market capitalization below $4.7 billion.
DJT shares closed at $34.26.
That is well below the $70.90 that the stock opened at on March 26, its first day as a publicly traded company.
And it is nearly $2.70 per share lower than the closing price of the former shell company, Digital World Acquisition Corp. on March 22, the day that DWAC shareholders approved the merger with Trump Media that took that company public days later.
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Trump Media’s share price is down 44.71% month to date.
The company’s biggest shareholder is former President Donald Trump, who holds a nearly 60% stake. Trump’s shares were worth less than $2.7 billion at Wednesday’s close, a steep drop from the more than $5 billion in paper value they had two weeks ago.
Trump Media, which owns the Truth Social app, reported revenue of just $4.1 million for 2023, and a net loss of $58 million for the year.