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Trump Media & Technology Group Corp (NASDAQ:DJT) stock is trading lower at $17.75 Wednesday, almost the price at the company made its trading debut in March 2024.
The Truth Social parent and Donald Trump-backed stock reflects the Republican Presidential candidate’s every move, losing 33% in the last 30 days.
The stock had surged initially after the media projected Trump as a better contender than President Joe Biden after Biden appeared to be fumbling during his debate with Trump, followed by Trump’s survival of an assassination attempt in July.
The fall in stock is factoring concerns over the expiry of the lockup agreement for Trump Media in September. After the expiry, Trump could sell his entire stake, worth $2.5 billion, which could lead to more downsides for the stock.
However, Trump has not given any indications of selling the stake.
Meanwhile, separate reports highlighted Trump’s Mar-a-Lago property in Florida quadrupled in value since Trump left the White House in 2021. The value appreciation could prevent Trump from dumping his stake in Trump Media as per the report.
The Truth Social parent had clocked second-quarter revenue of $0.84 million and a GAAP net loss of $(16.4) million, further raising doubts about its prospects lest Trump loses the Presidential race.
To make matters difficult in the Presidential campaign, a federal court judge in Georgia prohibited the Trump campaign from using the Sam & Dave 1960s soul classic “Hold On, I’m Comin'” in rallies, Variety reports.
Previously, multiple artists and songwriters also urged Trump not to use their songs in their campaigning.
On the other hand, the Democrat candidate Kamala Harris looks to propose tax relief by this week for Americans starting small businesses, including a tenfold expansion in small business tax deductions for start-up expenses ahead of November’s election, Financial Times reports.
Harris’s other campaign promises included an “opportunity economy” for Americans, tax credit assurances for families with children, downpayment support for first-time homebuyers, and a raise in the corporate tax rate to 28%.
Price Action: DJT stock traded lower by 2.75% to $17.60 at the last check on Wednesday.
Photo via Shutterstock
Posted In: DJT
