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Shares of Trump Media & Technology Group, the company behind former President Donald Trump’s Truth Social, hit a new post-merger low on Monday as the Democratic National Convention kicks off in Chicago.
The company’s stock fell to a new low of $22.26 per share in intraday trading Monday, almost 30 cents below its previous low of $22.55 set in mid-April. Shares were down almost 3% to $22.44, bringing its market capitalization to $4.42 billion, as of Monday afternoon.
Trump Media debuted on the Nasdaq under the ticker DJT on March 26 after completing its merger with Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. Its stock has been especially volatile, fluctuating wildly from day to day and adding — or cutting — billions from Trump Media’s market value.
These fluctuations have often been tied to news events related to the former president, who is a majority shareholder in the company. In recent months, these have included the conviction in his New York hush money trial and his debate performance against President Joe Biden in June, as well as last month’s assassination attempt at a campaign rally in Pennsylvania.
Shares have been trending downwards for the last several weeks since the company reported a $16.4 million net loss in the second quarter and a 30% drop in revenues. Since going public, the company’s share price has plunged 61% and, in the past month, Trump Media shares have plummeted nearly 36%.
The continued free fall Monday comes as the DNC convenes in Chicago, with Vice President Kamala Harris set to formally accept the Democratic presidential nomination on Thursday.
Earlier this month, Trump Media began the phased rollout of its new live TV streaming service, Truth+, which includes include news, commentary, weather, lifestyle, and entertainment channels. The company said it will have full control over its tech delivery stack for streaming across a private network content delivery network, “rendering the service uncancellable by Big Tech.”