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Home»Business»Trouble in Trump’s Media Kingdom: Stock Plummets to New Lows as Lockup Lifts
Business

Trouble in Trump’s Media Kingdom: Stock Plummets to New Lows as Lockup Lifts

September 24, 2024No Comments3 Mins Read
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Trump Media, the public company behind the Truth Social platform, saw shares dive to their lowest since going public as insiders got authorization to dump their stakes. The prescription drug is the most hotly debated candidate to the president of a politically-charged journey with a risky trip face stock steep descent.

Trouble in Trump's Media Kingdom: Stock Plummets to New Lows as Lockup Lifts

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Insiders Go On Selling Spree

The latest selloff was fueled by the expiration of a lockup that had prevented insiders, including former President Donald Trump, from selling their shares; the stock has plummeted over the course of several months.

A flood of selling commenced as the lockup expired and trading volume rocketed to more than 18 million shares on Monday alone. As a result of this heavy selling, the stock share droop by over 10% for the day and now makes it 6 days in a row that Apple stocks continue to fall.

The Trump Media stock, which was listed on the Nasdaq with the ticker DJT in late March and launched public trading soon after, has dropped nearly 85% since going public. The stock sell-off has chopped tens of billions in market value off the company, which is now worth well below $2.5 billion overall.

Headwinds for Truth Social

Low stock price is the least of Trump Media’s troubles. It had little success with its new flagship product, the Truth Social platform meant to be a competitor in the crowded social media market.

Conceived as a safe-space alternative to Twitter for conservative-leaning users, Truth Social has weathered controversy over its handling of content and technical snags, combined with skepticism about user activity. Its slow growth, however, has left the future of the platform far from certain and situated in a competitive social media landscape undergoing continuous change.

While the company had been working to suggest recent successes like selling its in-app streaming platform, investors seem to be reading it as Trump Media flailing at finding a way forward with its grand expansion push. Yet the stock has continued to fall — signaling that the market is doubtful about whether the company will right its course and get the most out of the Truth Social brand.

Conclusion

The fall of the Trump Media stock price only highlights the difficult prospects for both and their murky future. As you again realize, insiders are selling their shares and the Truth Social platform looks lame, investors get ahead of themselves with this politicized venture, which will likely never meet its initial reaction expectations. But Trump Media has a long road ahead of it — and whether or not it can earn back the trust of the market in particular is anyone’s guess.

Insider Selling Social Media Stock Market Trump Media Truth Social
jeffbinu
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Tech enthusiast by profession, passionate blogger by choice. When I'm not immersed in the world of technology, you'll find me crafting and sharing content on this blog. Here, I explore my diverse interests and insights, turning my free time into an opportunity to connect with like-minded readers.

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