Trump Media and Technology Group's stock falls 15%
Truth Social's parent company went public on March 26 at a price of $70.90 per share and has since fallen nearly 70%.
(AFP)
Trump Media and Technology Group (TMTG), the division for communication and media, with Donald Trump owning 57.6% of its shares, saw its share price plunge 14.87% Monday.
The drop in value of Truth Social's parent company comes on the same day that the criminal trial against Donald Trump begins in New York, on charges of falsifying records in order to illegally pay actress Stormy Daniels.
The drop also comes shortly after TMTG filed a petition to sell 21.5 million more shares in the coming months. With the plunge in share value, the corporation went from a valuation of $4.45 billion on Friday to $3.7 billion this Monday.
Since its IPO on March 26, its shares have fallen 60%. Its price was at one point as high as $70.90. The company entered the stock market following a merger with Digital World Acquisition Corp (DWAC) that was accepted last March. Heading the company is former Republican Rep. Devin Nunes, who was a representative for California until 2022.
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