Trump Media Shares Slump as Early Fervor Fades

2024-04-01 18:47:42+00:00 - Scroll down for original article

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Shares of former President Donald J. Trump’s social media company slumped just over 20 percent on Monday, as the fervor around the company’s debut on public markets last week appeared to subside. The sell-off cut the market value of Trump Media & Technology Group, which trades under the ticker “DJT,” by some $2 billion, to about $6.5 billion. The value of Mr. Trump’s majority stake in the company fell to about $3.7 billion, from over $6 billion at its peak last week. Still, shares of Trump Media were higher than they were immediately before the firm merged with a public shell company on Tuesday and began trading on the Nasdaq. Strong support for the merged company after it began trading pushed its market value as high as $10 billion at one point last week.