NEW YORK (Reuters) -Shares of Trump Media & Technology Group, which is majority-owned by former U.S. President Donald Trump, sank to record lows on Tuesday, following the Republican presidential candidate’s recent return to rival social media platform X.
Trump Media shares dropped to as low as $21.33, down more than 4%. The stock finished down 3.7% at $21.42, marking the eighth consecutive session of losses.
Trump’s dwindling lead in polls and election betting markets in recent weeks has also hit the stock, which has been seen by some retail traders as a bet on whether Trump would win a second term.
“I’ve always looked at Truth Social and DJT as a voting mechanism versus an investment mechanism,” said Lou Basenese, president and chief market strategist at MDB Capital in New York. “The valuation never made sense in relation to the fundamentals.”
https://finance.yahoo.com/news/shares-trumps-media-firm-sink-173028588.html