Shares of the parent company of Donald Trump’s social media platform Truth Social hit an all-time low on Wednesday after it went public earlier this year.
Trump Media & Technology Group Corp (NASDAQ:DJT) (TMTG) shares closed at $16.98 on Wednesday marking an almost 80% drop from its high of $79.38 in March.
Shares recovered slightly during Thursday’s session, trading hands at $17.24 in the early afternoon.
Republican presidential candidate Trump, who owns about a 60% stake in TMTG, has seen his share decline in value from about $6 billion to $2 billion since the company went public.
The stock's performance has largely reflected the public perception of Trump, including his political and business efforts. Shares spiked more than 30% following the failed assassination of Trump in July.
On the other hand, Trump’s return to mainstream social media platforms such as X last month raised questions about the effectiveness of Truth Social, which was the main social media platform used by Trump to connect with members of the public during his election bid.
Also contributing to the selloff in TMTG shares is that several executives, including CEO Devin Nunes, COO Andrew Northwall and CFO Juhan Phillip, have sold millions of dollars worth of shares in recent weeks.
It is expected shares of TMTG will decline further this month because as of September 19, Trump and other early investors will be allowed to start selling their shares.