Trump Media shares drop by more than 9%, putting market cap under $5 billion

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The share price of Trump Media was down by more than 9% in midday trading Wednesday, putting the company’s market capitalization below $5 billion.

DJT shares were selling for $34.07 at 1:27 p.m. ET, well below the $70.90 that the stock opened trading at on March 26, its first day as a publicly traded company.

On Wednesday shares fell below the $36.94 closing price of the former shell company, Digital World Acquisition Corp. on March 22, the day DWAC shareholders approved the merger with Trump Media that took that company public days later.

The company’s biggest shareholder is former President Donald Trump, who holds a nearly 60% stake in the company. Trump’s shares were worth less than $2.8 billion in midday trading, a steep drop from the more than $5 billion in paper value they had two weeks ago.

Trump Media, which owns the Truth Social app, reported revenue of just $4.1 million for 2023, and a net loss of $58 million for the year.

This is developing news. Check back for updates.

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