Shares in Donald Trump’s social media company – Trump Media & Technology (DJT) – have continued their volatility, with the price dropping by over 2.5% on Monday.
Trump Media Shares Continue to Lose Value
The company went public on the Nasdaq in March, and the price has been volatile since then, with a loss of 36% of its value in the last month. After the latest fall, it’s now at its lowest point since the public launch.
DJT is the company that operates the social media platform called Truth Social, which was launched in 2022. Some analysts also suggest that its price movements could be linked to Trump’s re-appearance on X and Kamala Harris being chosen as the Democratic presidential candidate. Others have called it a meme stock whose value isn’t based on any sort of financial reality. Trump can sell his DJT stock from September onwards, which may be another factor affecting the current price.
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DJT generated $837,000 of revenue in the last quarter, representing a 30% drop from the previous year. That came after it reported a loss of $16.4m in its first full quarter after going live. The company is said to be getting ready to launch a streaming service covering new, family-friendly programmes and Christian content, with a particular focus on shows that are at risk of being cancelled or neglected elsewhere.
In the statement issued with the latest earnings release, CEO Devin Nunes said:
From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing.
