Truth Social Stock Closes Day Down 66% From Its Peak

Axios reports:

Donald Trump’s meme stock fell on Monday, just like it has fallen on most of the 14 days it has traded on the Nasdaq stock exchange. It closed at $26.61 per share, down 18% from Friday’s close and down 66% from its March 26 high of $79.38. The latest drop came after the social-media company released a 217-page SEC filing designed to officially register millions of shares that belong to Donald Trump and other shareholders.

The total number of shares outstanding isn’t changing, and neither are lockup restrictions preventing shareholders like Trump from selling any of their holdings until September. DJT stock is however held by a disproportionate number of retail investors, many of whom have relatively little investing experience. Many of them may have thought the company itself was issuing new stock and diluting existing shareholders.

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Trump Media stock slides again to bring it more than 66% below its peak as euphoria fades https://t.co/9uycN0UZBv

— The Associated Press (@AP) April 15, 2024