Donald Trump’s media company continues to struggle in the market after going public via SPAC two weeks ago: Shares of Trump Media & Technology Group, the parent company of Truth Social, closed at $37.17 on Monday, falling another 8.4%, after plummeting last week.
This represents a 53% decline from when the company soared more than 50% on its first day of trading in late March, after completing its merger with the shell company Digital World Acquisition Corp. It traded above $79 a share on its debut.
Donald Trump, who is positioned to become the Republican nominee for the 2024 presidential election, is the company’s majority shareholder. Trump holds about a 60% stake in Truth Social, or about 79 million shares of the public company’s 125 million.
Initially, Trump’s stake was worth $3.32 billion but it has now fallen to $2.93 as of Monday, according to Axios.
An SEC filing last week revealed that Truth Social lost over $58 million in 2023, on revenue of only $4.1 million.
The filing also warned shareholders that Trump’s involvement and stake in the company could put it at greater risk of volatility than other social media companies.
Trump Media & Technology Group shareholders, including the former president himself, are subject to a six-month lockup period, preventing any sales of shares during that time.