Shares of Trump Media and Technology Group, majority owned by former US President Donald Trump, fell to record lows on Tuesday after the Republican presidential candidate recently returned to rival social media platform X.
Trump Media shares fell to $21.33, or more than 4%, and the stock ended trading down 3.7% at $21.42, in its eighth straight session of losses.
Opinion polls
The stock has been hit by Trump’s decline in opinion polls and election betting markets over the past few weeks, with some individual traders viewing the company’s stock as a bet on whether Trump will win a second term.
The stock hit an all-time high of $79.38 during its Nasdaq debut on March 26, after merging with special purpose acquisition company Digital World Acquisition Corp.
Earlier this month, Trump Media, whose Truth Social app is a key asset, reported a quarterly loss of $16.4 million on revenue of just $837,000.
The company’s market value is about $4.3 billion, down from more than $8 billion earlier this year.
Trump began posting on the X platform last week for the first time in about a year, coinciding with an interview with the company’s owner, Elon Musk.
In recent weeks, Trump has lost his significant lead in the polls against Democratic candidate and current Vice President Kamala Harris.
Trump Media & Technology Group shares surged after President Joe Biden’s shaky performance against Donald Trump in their debate in June.
