Current:Home > BackTrump Media stock price down more than 10% after days-long rebound in continued volatility-InfoLens
Trump Media stock price down more than 10% after days-long rebound in continued volatility
View Date:2024-12-23 14:16:28
Trump Media stock prices fell more than 10% Friday afternoon after a streak of climbing in the days ahead of the first presidential debate.
Hours before Donald Trump faced off with President Joe Biden in Atlanta, Trump Media & Technology Group share prices closed at $36.73. After people across the country watched Biden stumble through several answers and Trump repeatedly drill down on immigration, the share price was up 8.3% to $39.78 at open.
But by Friday afternoon, that fell to around $32 per share.
Market volatility for the company behind Truth Social, often referred to a meme stock, is nothing new.
Whose fault is inflation?Trump and Biden blame each other in heated debate
Trump Media stock price
How the parent company of Truth Social went public
Trump founded his social media company in 2021 after being booted from other major platforms following the Jan. 6, 2021, riot at the U.S. Capitol.
Trump Media went public on the Nasdaq on March 26 through a merger with shell company Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. The merger was announced in 2021.
Trump's debut on the stock market was splashy, with Trump Media shares soaring, helped partly by – and to the delight of – his supporters.
But prices have fluctuated wildly since then. The stock price has swung from a high of $79.38 per share at the close of March 26 to its lowest close of $22.84 on April 16. It steadily rose throughout Trump's hush money trial, before starting a weeks-long decline after the former president was found guilty on 34 felony counts.
That downward trend didn't reverse until the debate was just a week away.
Trump Media considered a meme stock
The parent company of the Truth social app has been compared to GameStop and AMC. Like these typical meme stocks, Trump Media is overvalued compared with its peers − other social media companies − at least by conventional Wall Street standards.
In May, Trump Media reported a net loss of $327.6 million in the first quarter of 2024 and brought in $770,500 in revenue, according to a reportedly unaudited filing. Regulatory filings show the company was operating at a loss in 2023, making about $4 million in revenue while losing more than $58 million.
Experts have previously told USA TODAY that meme stocks rely on attention. The debate, one of the most-watched events in television, certainly brought that for Trump.
veryGood! (8677)
Related
- Mike Tyson vs. Jake Paul fight odds will shift the longer the heavyweight bout goes
- 'We're shattered' How an American family is mourning a loved one lost to war in Israel
- What is the Gaza Strip? Here's how big it is and who lives there.
- 'Madonna: A Rebel Life' biography celebrates the impact of a pop icon: 'This is who I am'
- 15 new movies you'll want to stream this holiday season, from 'Emilia Perez' to 'Maria'
- Conservationists say Cyprus police are lax in stopping gangs that poach songbirds
- 'How to Say Babylon' centers on resisting patriarchy and colonialization
- Gaza residents describe their horror as Israeli forces bombard city: There is no safe place
- The charming Russian scene-stealers of 'Anora' are also real-life best friends
- Rockets fly, planes grounded: Americans struggle to escape war in Israeli, Palestinian zones
Ranking
- Stock market today: Asian shares mostly decline, shrugging off Wall Street’s overnight rally
- Americans consume a lot of red meat. Here's why you shouldn't.
- AP PHOTOS: Rockets sail and tanks roll in Israeli-Palestinian war’s 5th day
- Sex education classes often don’t include LGBTQ+ students. New restrictions could make it worse
- 'Unfortunate error': 'Wicked' dolls with porn site on packaging pulled from Target, Amazon
- Gaza residents describe their horror as Israeli forces bombard city: There is no safe place
- Female frogs fake their own death to avoid unwanted attention from males: Study
- Exxon Mobil buys Pioneer Natural in $59.5 billion deal with energy prices surging
Recommendation
-
The Daily Money: Mattel's 'Wicked' mistake
-
California's 'Skittles ban' doesn't ban Skittles, but you might want to hide your Peeps
-
Prince Harry, Duchess Meghan speak out on social media's affect on mental health: 'Children are dying'
-
George Santos charged with conspiracy, wire fraud and more
-
The boy was found in a ditch in Wisconsin in 1959. He was identified 65 years later.
-
Prominent patrol leader in NYC Orthodox Jewish community sentenced to 17 years for raping teenager
-
'Oh my God, that's a monster!': Alligator gar caught in Texas could set new world records
-
Texas man who killed woman in 2000 addresses victim's family moments before execution: I sincerely apologize for all of it