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Trump Media Stock Plummets 10% in Premarket Trading, Accelerating Losses
As a seasoned business analyst, I've been following the recent developments in Trump Media, the company behind the conservative social media app Truth Social. Today, shares of Trump Media plummeted more than 10% in premarket trading, signaling a significant acceleration of the stock's downward trend.
The company, majority-owned by former President Donald Trump, has been struggling since a New York jury convicted him on 34 felony counts of falsifying business records. This conviction has led to a substantial decline in the stock's value. Trump's 114,750,000 shares, worth over $5.6 billion at the beginning of the month, are now valued at around $3.2 billion based on Thursday's premarket moves.
The stock's slide began on May 30, following the conviction, and has continued to accelerate. On Tuesday, the stock fell nearly 10% in a single session, with more than double the average trading volume. This decline was further exacerbated by the Securities and Exchange Commission's (SEC) approval of Trump Media's registration statement, which allows early investors to exercise their warrants and stockholders to publicly resell securities covered by the registration statement.
The impact of this approval was immediate, with the stock plunging more than 17% in post-market trading. As of Thursday, the stock was hovering around $27.50 per share, a staggering 36% lower than its value at the start of June.
This significant loss for Trump Media is a clear indication of the market's response to the company's legal troubles and the uncertainty surrounding its future. As the situation continues to unfold, it will be crucial to monitor the stock's performance and any further developments that may impact its value.
Original Article: https://www.cnbc.com/2024/06/20/djt-trump-media-stock-price-today.html
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