Trump Media & Technology Group (NASDAQ:DJT) saw its shares dip and approach record lows on Thursday following disappointing quarterly results and former President Donald Trump’s return to the social media platform X.
The Trump-backed stock has had a volatile ride in 2024, with a 52-week low of $22.55.
The Truth Social app parent has faced challenges as Trump’s lead in polls and betting markets has shrunk as Democratic Presidential candidate Kamala Harris started campaigning, affecting the company’s stock.
Trump’s return to X, formerly known as Twitter, was marked by an interview with the platform’s owner, Elon Musk.
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The move highlighted to investors that Truth Social remains a niche player in the social media space, especially when compared to X’s more extensive reach, Reuters reports.
Financial analysts flagged that hosting the conversation on X instead of Truth Social might have been perceived as a setback for investors in Trump’s media company.
Significant spending on a licensing agreement for its new streaming service, Truth+, has increased concerns about the company’s future, particularly if Trump’s popularity declines.
Analysts have also expressed worries that Trump may fail to secure a win in the upcoming Presidential election.
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Trump Media stock plunged 41% in the last 30 days but has been up over 43% in the last 12 months.
Price Action: DJT stock traded lower by 0.29% to $23.90 premarket at the last check on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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