Donald Trump’s Truth Social stock has reached a new low, highlighting just how bad things have gotten for the former president and his media company.
The stock price of Trump Media & Technology Group dropped to $17.40 per share on Wednesday, its lowest rate since it hit the market after it merged with a publicly traded shell company in March, when it was valued at a high of $79.38 per share.
Since its stock market debut, the value has dropped more than 70 percent, The New York Times reported.
Trump’s majority stake in Trump Media & Technology Group, which is roughly 115 million shares, or a 60 percent stake, was once worth a whopping $6 billion. Now it’s worth only $2 billion.
Since spiking around July 15—the Republican National Convention—the value of Truth Social stock has steadily declined, following Joe Biden’s withdrawal from the presidential race. Shares of Trump’s media stock have often corresponded with how well investors think Trump’s presidential campaign is going, according to the Times.
Halfway through August, his stock took a dive after he posted on X, Truth Social’s competitor, hitting its lowest rate in months, around $24.60. Even a booming stock market couldn’t rescue Trump’s lame stock, which continued to sink in value.
The stock’s prior low was set late last month, when it hit $19.38 per share. Now it seems things have gotten even more dire.
Trump’s lowest rate ever comes a little more than two weeks away from September 19, when he and other major investors will finally be able to offload his volatile DJT stock at the end of their “lock-up” period. While Trump has not indicated that he will sell his risky shares, it’s more than likely that everyone else will, according to Forbes.
