What's Going On With Trump Media & Technology Stock On Thursday?

Author: Anusuya Lahiri | August 29, 2024 01:17pm

Some Republicans, including strategists and donors, are expressing frustration with former President Donald Trump’s approach to his campaign to reclaim the White House.

Concerns are growing over his inability to establish effective attack lines and the perception that Kamala Harris has received favorable media coverage without facing substantial opposition, the Financial Times reports.

Trump-backed Truth Social parent Trump Media & Technology Group Corp (NASDAQ:DJT) stock is trading lower on Thursday.

Republican strategists Kevin Madden and John Feehery and donor Eric Levine flagged the absence of challenges in Harris’s campaign for the past month, thereby calling for a strategy change to counter Harris’s lead in polling average versus Trump.

Meanwhile, Harris faces scrutiny on crucial policy issues such as the economy and immigration, which is a ray of hope for the Republicans.

Trump’s offensive strategy for the September 10 debate has yet to alleviate their concerns.

Trump Media stock, the parent of Truth Social, which closely reflects Trump’s every move, lost over 33% in the last 30 days.

Concerns also loom due to the expiry of the lockup agreement for Trump Media in September.

Trump can sell his entire stake, worth $2.5 billion, which could lead to more downsides for the stock in the absence of buyers.

Trump Media Tech had reported a second-quarter GAAP net loss of $(16.4) million on a topline of $0.84 million. Therefore, the presidential election results will be a huge deciding factor for the stock.

Price Action: DJT stock traded lower by 0.75% to $19.95 at the last check on Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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