Donald Trump’s Trump Media & Technology Group (TMTG) is still struggling on the stock market in the weeks following the ex-White House occupant’s conviction on all counts in a New York City criminal case that accused him of the felony falsification of business records. The case was connected to pre-2016 election hush money for a woman named Stormy Daniels, and sentencing is next month.
Over the month of trading that ended Friday, the share price was down nearly 38 percent. Over the five day-period that ended that same day, the share price fell by nearly 29 percent.
Trump himself holds large portions of the company’s shares, meaning this volatility apparently threatens the ex-president’s financial holdings as well. The involved company is behind Truth Social, the alternative social media platform that Trump uses like he used to utilize Twitter, which is now called X. Though Truth Social is extensively touted in Trump’s political corner, usage apparently lags exponentially behind mainstream social media sites like X, Instagram, and Facebook.
Truth Social’s parent company finally made it to the stock market after a long delayed merger with an already publicly traded company, plans that were weighed down by federal scrutiny before their finalization. Federal prosecutors brought insider trading charges over some investment activity around that other company, which is no longer an active, separate entity but was called Digital World Acquisition Corp. (DWAC). Investing in DWAC became popular among Trump’s political supporters once it became clear that the intention was for it and Trump’s then-private social media company to join up.
