Trump's media company is losing stock value yet again.
According to Newsweek, Google Finance data reveals that "as of June 11, the price of a share, traded under the ticket 'DJT' has plunged to $39.31 per share. This is the first time the stock has dipped under $40 a share since April 25 when it was $38.49. However, the price of a share is still higher than on April 17 when it dipped to $22.84, the lowest the share price had been since January 16, when it was at $22.35."
Trump Media and Technology Group, formed by a merger with the "blank check" firm Digital World Acquisition Corp., manages Trump's Truth Social platform, a barebones social media site mainly used by Trump himself to make stream-of-consciousness posts known as "Truths."
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In recent weeks, the stock price of Trump Media, had been rallying somewhat, but still never approaching its early maximum value of around $80 a share. Experts have widely said that the stock price makes no sense; at times, its market cap has approached $9 billion, even though the company only generated $4 million in revenues last year and actually lost $330 million in the first three months of this year.
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It is widely speculated that investors are inflating the value either for personal gain or to express political support for the former president, who on paper gained billions of dollars in wealth when Trump Media went public, but is in practice unable to easily use this wealth to pay for pressing matters like his legal expenses.
Moreover, noted the report, "After Trump was found guilty of falsifying business records in his hush-money trial last month, Truth Social stock also plunged and experts told Newsweek the former president's conviction may have impacted the stock's performance."
All this is occurring as the company and those around it face legal drama, including a number of lawsuits by founders against each other and the company that audited it being charged with fraud by the Securities and Exchange Commission.