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## Trump Media & Technology Group Shares Tumble After Going Public


CNN
 — 

Shares of Truth Social owner Trump Media & Technology Group tumbled 12% on Friday, sinking to their lowest level since the company went public last week. This recent decline reflects investor concerns and market volatility surrounding the company’s performance.

The selloff has erased nearly $2 billion from the value of former President Donald Trump’s stake in the company this week. As a major shareholder, Trump’s financial interests are directly impacted by these market fluctuations.

Trump Media shared surged to as high as $79.38 on March 26, the day trading began on the Nasdaq under the ticker symbol “DJT.” This initial surge generated optimism among investors, but the subsequent downturn has raised concerns about the company’s stability.

Since then, the Truth Social owner’s share price has plunged by 49% to the closing price of $40.49 on Friday. This significant drop in share price highlights the volatility and uncertainty surrounding Trump Media & Technology Group.

Trump Media’s shares have lost about a third of their value this week. Despite this week’s losses, Trump Media shares have still spiked by more than 130% so far this year. The fluctuating share prices indicate the unpredictable nature of the company’s stock performance.

Trump’s personal stake in the company is now valued at about $3.2 billion. That’s down from $4.9 billion at the end of last week. Trump’s diminishing stake reflects the financial challenges faced by the company.

Trump Media recently disclosed losing $58 million last year on very light revenue of just $4.1 million. The financial results underscore concerns raised by some experts that the company is being vastly overvalued by Wall Street. The company’s financial performance raises questions about its long-term sustainability and growth potential.

Barry Diller, the billionaire chairman of Expedia and People Magazine owner IAC, told CNBC on Thursday that Trump Media is a “scam” and people buying the stock are “dopes.” Diller’s remarks reflect growing skepticism and criticism towards Trump Media’s business practices and financial standing.

“I mean, it’s ridiculous,” Diller said on CNBC. “The company has no revenue.” Diller’s comments underscore the fundamental concerns surrounding Trump Media’s lack of revenue and financial viability.

A Trump Media spokesperson denounced critics of the company. The company’s response to criticism reflects its efforts to maintain a positive public image amidst growing scrutiny and negative perceptions.

“It is unsurprising to see die-hard Trump haters and leftwing flacks blow a gasket now that Truth Social has become a public company that, still today, refuses to suppress political expression that contradicts the narratives they want to enforce,” Shannon Devine, a Trump Media spokesperson, said in a statement to CNN. The company’s defense of its policies and values reflects its commitment to maintaining its platform as a space for diverse political discourse.

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