Trump Media & Technology Group was dropping Friday. The parent of the Truth Social platform has suffered a sharp slide this week.
Trump Media shares were down 3.3% at $31.34. The stock fell 5.4% to $32.41 on Thursday, continuing a streak that has seen the company shed around 20% of its value this week so far. The closing price gave the stock an overall valuation of $4.68 billion. Former U.S. President Donald Trump’s roughly 57% stake in the company was valued at around $2.5 billion.
Trump is barred from selling Trump Media shares until a six-month lockup period expires, but the former president could seek a waiver from the company’s board, which includes one of his sons and several former members of his administration.
Trump Media reported revenue of $4.1 million for 2023 and posted a net loss of $58.2 million for 2023, and received a $300 million cash infusion as part of its listing via a merger with a special-purpose acquisition vehicle, or SPAC.
The company operates the Truth Social platform which had five million mobile and desktop visits in February, according to data from the traffic analytics site Similarweb, making it a relatively niche social-media platform.
Trump Media was briefly valued at more than the New York Times, which closed on Thursday at a market capitalization $7.15 billion. Its drop has come alongside a similar fall for social-media platform Reddit, which now has a $5.44 billion valuation, after spiking to $9.5 billion following its own initial public offering last month.
Write to Adam Clark at [email protected]
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