Trump Media, the company behind the former president's Truth Social Twitter clone, never made a cent in profits and somehow loses millions every month. That didn't stop his supporters plowing in money to give it an astonishing $6bn valuation at nearly $80 a share. It's now trading under $20 for the first time, about half the initial offering. Everyone who bought in is, to borrow a term from high finance, hosed. Except Trump, of course.
DJT shares dropped to $17.89 per share around midday Tuesday, The stock's prior low was set on Aug. 28, when it hit $19.38 per share. The stock price was down roughly 77% from its high of $79.38 per share on March 26, following Trump Media's merger with a publicly traded special purpose acquisition company.
After he dumps his stake it'll eventually end up a penny stock, but it could still make him a real cash billionaire when he does so later this month—as soon as he's legally able to. Even at $20 it's trading at some magical ratio in the low thousands. Election tulips for MAGA.
