World

Trump Media Shares Plunge and Wipe Out Election Victory Gains

Jim Watson/AFP via Getty Images
JIM WATSON

Trump Media share prices plummeted on Thursday, wiping out the post-election gains that briefly made Donald Trump a much wealthier man. As Trump looked to be headed for victory Wednesday morning, the company’s stock skyrocketed by 35 percent in premarket trading. As a result, the value of the president-elect’s shares shot up from $3.9 million to $5.3 million at the opening bell. At the end of regular trading, the stock was still up by a more modest 5.9 percent. But on Thursday, the share price plunged by 20 percent during morning trading, CNBC reported, eliminating the electoral bump. Throughout the election, the share price for Trump Media & Technology, which operates the social media platform Truth Social, fluctuated wildly based on its majority shareholder’s perceived chances of victory. The end of the election doesn’t seem to have brought an end to the share price’s wild ride. One thing has remained consistent, though. The company released an earnings report on Tuesday saying it had lost $19.2 million in the third quarter of this year. That’s on top of $58.2 million it lost in 2023 and $28.5 million it lost during the first half of 2024.

The Daily Beast Podcast episodes are released every Thursday. Like and download on Spotify, Apple Podcasts, YouTube, or your favorite podcast app. And click here for email updates as each new episode drops.

Read more at The Daily Beast.

Related posts

Man stabbed multiple times dies on Manhattan street

Rudy Giuliani Says He’s Too Broke to Buy Food Amid Defamation Suit Struggle

Woman who snuck onto NYC-to-Paris flight foils forced U.S. return by ‘causing such a scene’: source

Leave a Comment