Trump Media Stock Continues Sharp Plunge

While the wider markets have been hitting record highs, the news is much different for Donald Trump. His Trump Media & Technology Group Corp (DJT) stock hit a high of $79.38 earlier this year but it has been on a downward spiral since July.

It was trading below $14 a share on Friday morning on the NASDAQ exchange. The drop comes as a lock-up period ends that kept the former president from selling any shares of his company before Friday.

Trump formed the company in 2021 shortly after being voted out of the White House.

He launched the Truth Social platform after he was banned on X (then Twitter) and other social media outlets in the wake of the January 6 attack on the U.S. capital. It has not attracted nearly the same number of users as other social media platforms.

The company went public in March through a merger with Digital World Acquisition Corp. Despite a strong launch, the company's stock prices have been volatile and the company has yet to turn a profit.

Trump owns approximately 57% of the company and if he decides to drop a large number of shares it could drive the stock price down even more.

He has tried to calm investors by saying he's not going anywhere.

"People think that I'm leaving. That's why they're down," Trump told reporters last week as the company's stock started to fall due to skeptical stockholders. "because it's different if I leave. But I'm not leaving."

If Trump changes his mind and decides to unload stock, investors will know.

The Securities and Exchange Commission (SEC) requires shareholders with more than a 10% stake in a company to disclose any sales of their shares.