- Trading in Trump Media shares was briefly halted due to volatility, as the Truth Social owner’s stock suddenly plunged in price after being up over 13% earlier in the day.
- Trump Media’s stock closed down nearly 10% after an extremely volatile trading session that saw over 97 million shares traded, marking the highest-volume day since the company went public.
- The stock’s slide reversed a weeks-long surge that coincided with developments in the presidential race that Trump’s supporters have touted as good news for his chances against Democratic nominee Kamala Harris.
Donald Trump‘s social media company Truth Social saw its stock price fall nearly 10% on Tuesday after a volatile trading session was briefly halted due to a sudden drop in share price.
Stock Drops During Record Volume Day
The stock price for Trump Media (DJT) whipsawed throughout the day, with more than 97 million shares changing hands. This marked the highest trading volume for the company since it began publicly trading in March following a merger deal.
After rising over 13% earlier in the day, DJT shares abruptly plunged more than 6% lower, triggering a 5-minute trading halt at 2:47pm ET. The stock continued dropping after the halt was lifted, eventually closing down 9.8% at $27.06.
Stock Closely Tied to Trump’s Political Fortunes
Many DJT shareholders are supporters of Donald Trump who trade the stock based on his political prospects. The recent stock surge coincided with shifts in betting markets showing improved odds for Trump’s presidential campaign against Democrat Kamala Harris.
Trump himself owns nearly 57% of Trump Media, representing over $3 billion of his estimated net worth. However, another major shareholder recently dumped its entire stake after a lockup period expired in September.
Trump Vows Not to Sell Despite Shareholder Exits
Despite the end of the lockup, Trump has promised not to sell any of his shares. In a post on his Truth Social platform Tuesday morning, he wrote “I LOVE TRUTH, THE REAL VOICE OF AMERICA!”
The stock’s drop comes amid overall volatility for Trump Media and questions about the viability of Truth Social. But Trump’s vocal support and ties to his political base continue to make the stock reactive to his campaign’s fortunes.
