On the first day that its biggest shareholder, former President Donald Trump, is able to sell his stake in Trump Media & Technology Group (TMTG), shares of the company have dropped to the lowest level they've ever been.
The company is now valued at less than $3 billion after shares slumped by 7%, to $13.73. In July, shares dropped 58% of their value when Vice President Kamala Harris became the Democratic presidential nominee, replacing President Joe Biden.
The chuds that bought shares in Trump Media & Technology after it shot up following the merger with Digital World Acquisition Corp are down a smooth 72% on their "investment". 😂 pic.twitter.com/OlgYbOrxlD
— AIRWOLF! (@redmond_BDTW) September 18, 2024
Former President Trump has stated that he has no plans to sell his shares in the company, which he owns more than half of with 115 million shares under his name.
Trump's combined holdings in the company amount to about $1.6 billion. However, he has denied creating Trump Media and Truth Social for monetary gain.
"I didn't do it for the money." said Trump last week. "I did it because I really wanted to have a strong voice, and it's a great voice for me," he said. "And as long as my voice is on there, it's going to always be good."
Trump vows to not sell his $DJT Media shares.
— Strattonite (@Strattonite01) September 13, 2024
“No, I’m not selling” pic.twitter.com/PJyE8rNc6w
While this drop in value may seem discouraging to Trump Media shareholders, it has actually encouraged many of Trump's supporters to buy shares of the company, which trades under the moniker "DJT".
"I'm going to buy more," wrote one member of the DJT stock group on Truth Social on Thursday. "Prices are ridiculously low ... even though I realize nothing is going to happen until Donald J. Trump is back in office."
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