Shares of Trump’s media firm sink to record low
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Trump Media's main asset is the Truth Social app, but Donald Trump recently returned to rival social media platform X.
PHOTO: AFP
NEW YORK – Shares of Trump Media and Technology Group, which is majority-owned by former US president Donald Trump, sank to record lows on Aug 20, following the Republican presidential candidate’s recent return to rival social media platform X.
Trump Media shares dropped to as low as US$21.33, down more than 4 per cent. The stock was last down 1.8 per cent at US$21.84, on track for an eighth consecutive session of losses.
Trump’s dwindling lead in polls and election betting markets in recent weeks has also hit the stock, which has been seen by some retail traders as a bet on whether Trump would win a second term.
The stock had reached an all-time high of US$79.38 during their Nasdaq debut on March 26 following a merger with blank-cheque company Digital World Acquisition Corp.
Earlier in August, Trump Media – whose main asset is the Truth Social app – reported a quarterly loss of US$16.4 million (S$21.3 million) and revenue of just US$837,000. The company has a market value of about US$4.3 billion, down from over US$8 billion earlier in 2024.
Trump began posting on the X platform last week for the first time in nearly a year, coinciding with an interview with X owner Elon Musk.
Trump in recent weeks has lost his sizeable lead in polls against Vice-President Kamala Harris, the Democratic candidate.
With 78 days to go before the Nov 5 vote, contracts for a Harris victory are trading at 56 US cents, with a potential US$1 payout, on the PredictIt politics betting platform.
Trump contracts are at 46 US cents, down from as much as 69 US cents in mid-July. REUTERS
