Nasdaq Stops Trading In Trump Media Stock Due To Volatility, Shares Close Down Almost 10%

Shares in former President Donald Trump's social media company closed down nearly 10% Tuesday after volatility led the Nasdaq Composite to briefly halt trading of the stock.

The price of Trump Media & Technology Group, which closed Friday at $29.95 a share, was up more than 13% Tuesday afternoon before it reversed course and plunged to 6% down, prompting the five-minute stoppage, CNBC reported.

But the price continued to fall after trading in DJT, which owns Trump's Truth Social website, resumed at 2:47 p.m. ET, CNBC said. The stock closed at $27.06 a share, down 9.65%.

That ended a nearly 150% rebound since it hit a record low of $12.15 on Sept. 23, according to CNN, which on Monday termed it an "epic comeback" tied to Trump's perceived chances of beating Vice President Kamala Harris in November.

Tuesday's session saw more than 97 million DJT shares trade hands, the most since the company's stock began trading in March after it merged with a blank-check business, CNBC said.

A lockup agreement barred Trump and other company insiders from selling their shares until Sept. 19.

Trump has said he had "absolutely no intention of selling" but a major investor, United Atlantic Ventures, dumped nearly all of its 11 million shares after the lockup period ended.

Trump owns nearly 57% of Trump Media and his stake, worth about $3 billion, accounts for more than half his fortune, according to CNBC.

Forbes' "Real-Time Billionaires List" on Tuesday estimated Trump's net worth at $5.2 billion, down nearly 6% and ranking him No. 646 among the world's wealthiest people.