What's Going On With Trump Media & Tech Stock On Tuesday?
Trump Media & Technology Group Corp (NASDAQ:DJT) scaled a post-merger low of $21.83 since it started trading five months ago.
The 2024 Republican Presidential candidate Donald Trump-backed stock has been volatile, losing over 56% in the last three months as the election campaign gained steam.
Trump’s suspension from social media sites gave birth to the Truth Social social networking site parent Trump Media, where Trump voiced his opinions.
Initially, the stock gained as Trump appeared a better candidate than President Joe Biden, as per reports that discounted Biden after quoting him as “fumbling” during his debate with Trump.
However, the stock trajectory reversed after Biden dropped out of the Presidential nomination race and the Democrats endorsed Vice President Kamala Harris.
Harris has been ahead of Trump in pre-election polls, which Republican Senator JD Vance adjudged as “fake” while endorsing Trump as an eligible candidate, Furst Post reports.
Meanwhile, Trump continues to draw flak after sharing fake artificial intelligence-generated images of American singer-songwriter Taylor Swift and her fans endorsing Trump as a Presidential candidate, Fox News reports.
Analysts also flagged Trump’s interview with Elon Musk on X instead of Truth Social, which did not significantly help the company’s cause.
The Street has also started factoring concerns over Trump’s defeat in the Presidential election, further hampering the company’s prospects.
The $4.4 billion company clocked second-quarter revenue of $0.84 million and a GAAP net loss of $(16.4) million.
Price Action: DJT stock traded lower by 1.84% to $21.83 at the last check on Tuesday.
Photo via Shutterstock
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