In the month since it debut on the Nasdaq, Trump Media & Technology Group’s market value has soared to almost $10 billion, and plunged to below $4 billion. The volatile stock performance has been driven by a “meme stock”-like frenzy and regulatory disclosures that shaved several billions of dollars off of its market cap.
Take a look back at Trump Media stock’s first month on the public markets, from its highest high, to its lowest lows — and everything in between.
Former President Donald Trump’s media company, Trump Media & Technology Group, hit the public markets hot on March 26, closing out its debut day trading with an $8 billion valuation. It ended a shortened trading week another $390 million higher.
Shares of Trump Media, the company behind former President Trump’s Truth Social, plunged 20% on April 1, after the company disclosed major losses in 2023.
Trump Media stock tumbled another 10% on April 8, hitting new lows as the shares continued their free fall from opening-week highs.
The former CEO of Digital World Acquisition (DWAC), the blank check company that merged with Trump Media in March to take it public, sued his replacement for allegedly hacking his files and staging an “audacious scheme to seize control” of the publicly traded company.
Trump Media stock briefly fell below $30 per share on April 12, hitting another new low since its debut on the Nasdaq and halving its market capitalization.
Trump Media disclosed in a Securities and Exchange Commission filing that it is registering the resale of millions more shares, sending its stock plunging again.
The company also revealed that Trump would be eligible to receive 36 million earnout shares, so long as Trump Media’s dollar volume-weighted average price (DVWAP) — the average share price for a period of time, weighted by volume of shares — was at least $12.50 for a minimum of 20 trading days within any 30 trading day period.
BF Borgers, firm responsible for auditing Trump Media, was labeled as “so seriously deficient in its performance” that it was removed from a national peer review program in November 2023.
Shares of Trump Media fell sharply again on April 16 after it announced that it’s launching a live TV streaming platform tied to its social media platform, Truth Social.
The streamer will offer content “that has been canceled, is at risk of cancellation, or is being suppressed on other platforms and services” the company said.
Trump Media & Technology Group ended a weeks-long spell of losses on April 17 when its stock spiked more than 20%.
Its shares traded at a high of $27.77, bringing its market cap back up to $3.8 billion and erasing some of the losses it accrued in recent weeks, before dropping off to close at $26.40 per share.
After a weeks-long downward spell, Trump Media & Technology Group stock has been back on the rise — gaining back $1 billion in market value over just two days.
In a letter from Trump Media CEO Devin Nunes addressed to Nasdaq CEO Adena Friedman, Nunes warned the Nasdaq of “potential market manipulation” related to the “naked” short-selling of its stock.
Former President Donald Trump pocketed more than $1 billion in paper wealth by the end of the trading day on April 23.
Trump Media CEO Devin Nunes called on congressional leaders to carry out a “thorough and expeditious investigation” into what the company claims is “unlawful manipulation” of its stock.
Trump Media’s first month on the Nasdaq has been “abnormally volatile,” according to John Rekenthaler, vice president of research at Morningstar.
Rekenthaler summed up Trump Media’s first month on the Nasdaq as “expectedly unexpected.”
Four charts illustrate Truth Social’s performance and Trump Media’s market cap fluctuate from “meme stock” highs to bruising lows (and back) over the past month.
