Shares in the Trump Media and Technology Group Corporation have continued their downward spiral and now stand at their lowest value since shares became publicly traded.
As USA Today notes, Trump Media shares closed at a record low of $20.99 per share on Tuesday -- and have since sunk lower and are trading in the $19 range as of this writing.
All told, writes USA Today, Trump Media stock over the last 30 trading days has "lost more than 40 percent of its value."
Shares in Trump Media have also performed incredibly poorly over the last month compared to the stock market as a whole.
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After a significant stock-market plunge at the beginning of August, which Trump and his allies tried to pin on Vice President Kamala Harris by labeling it the "Kamala Crash," the Dow Jones Industrial average has surged to record highs and closed Tuesday's trading at more than 41,000 points.
University of Florida finance professor Jay Ritter tells USA Today that there are significant reasons to doubt that the future of the stock is any brighter.
“Any upside for the company is dependent on coming up with a business strategy to generate revenue and profits,” he said. “So far, the company has failed to find a successful strategy.”
Although the Trump Media share price surged earlier this year after the company went public, it quickly plunged once investors got a look at its earnings reports and saw not only massive net losses but remarkably weak revenue production as well.
In the last fiscal quarter, for instance, Trump Media generated just $836,900 in revenue, a 30 percent drop from the revenue it generated in the same quarter one year earlier.
