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President Donald Trump’s name isn’t selling like it used to.
Shares of Trump Media and Technology Group, the company behind the president’s social media platform Truth Social, fell more than 7% in pre-market trading Tuesday. Trump Media’s shares last closed at $40.03.
On the campaign trail, DJT stock became something of a proxy for Trump’s election odds, and a way for fans and followers to financially support the now president. Trump helped found Trump Media in 2021 with the launch of his own social media platform, after being banned from X (then Twitter).
The company debuted on the Nasdaq on March 26 following the completion of its merger with Digital World Acquisition Corp. (DWAC) (DWAC), a special purpose acquisition company, or SPAC.
Meanwhile, Trump’s newly-launched cryptocurrency, $TRUMP, also took a hit just one day after the inauguration. The meme coin has shed almost 25% of its value in the past day, for a price of $37.17. The coin was launched Friday for nearly $6.50, and rose to a high of $73 on Sunday before beginning its descent.
The $MELANIA meme coin, launched by incoming First Lady Melania Trump Sunday for $7, fell almost 50% to $4.26.
The wider cryptocurrency market took a hit after Trump didn’t make any mention of digital assets on his first day in office, including his campaign promise to create a strategic national Bitcoin reserve.
The global crypto market cap is down 2.2% over the past day to $3.58 trillion. That’s led by a more than 2% decline in the price of Bitcoin, the largest cryptocurrency by market capitalization.
Despite his pro-crypto stance heading into his second term in the White House, Trump has had a spotty track record with the crypto community. During his first term as president, Trump called Bitcoin a “scam” against the U.S. dollar, and in a 2019 tweet he said he was “not a fan” of Bitcoin and other cryptocurrencies.