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Trump Media & Technology Group Corp. (NASDAQ:DJT), which fell sharply on Monday, remains poised to open lower yet again. The stock declined in premarket trading on Tuesday.
TMTG, which owns the Truth Social platform, is owned by Republican presidential candidate Donald Trump, thanks to his 64.9% stake. The stock has moved in lock-step with Trump’s fortunes even as analysts are not convinced about its fundamentals and decry the company’s valuation.
Last week, the company announced second-quarter results, reporting a loss of $16.4 million and revenue of merely $837,000.
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TMTG’s stock came under pressure on Monday as traders digested the quarterly results. Trump’s return to the social media platform, X, ahead of an interview with the social-media platform’s owner and billionaire Elon Musk also weighed on the stock. With the operating metrics of Truth Social faltering, Trump’s return to X and the prospect of him dividing his communications between the two platforms could mean more downside for it.
In an interview, which started late due to technical glitches, Trump and Musk deliberated on a host of issues covering policy, economy, and geopolitics, among other things. The Spaces featuring Trump on X has garnered roughly 158 million views.
Price Action: At the time of writing, TMTG stock was down 3% to $24.13 in premarket trading on Tuesday, according to Benzinga Pro data.
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Posted In: DJT
