June 18, 2024


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Nasdaq declines as technology selling intensifies

Nasdaq declines as technology selling intensifies

Shares of Trump Media and Technology Group (DJT), the parent company of former President Donald Trump's social media platform, Truth Social, rallied from losses in extended hours trading to rise about 6% early Friday after Trump. He was found guilty on all 34 counts of falsifying business records with the aim of influencing the 2016 presidential campaign.

Trump, who is likely to appeal, is scheduled to be sentenced on July 11 and faces up to four years in prison on each count.

Trump Media, the parent company of Truth Social, subsequently went public on the Nasdaq to merge With special purpose acquisition company Digital World Acquisition Corp.

Shares have fallen about 10% since the company went public at the end of March.

Trump founded Truth Social after he was kicked off major social media apps like Facebook and Twitter, the platform now known as That the former president was almost exclusively. It was posted on his Truth Social account throughout the trial.

In April, A Updated regulatory filing Trump Media showed sales of just over $4 million as net losses came to nearly $60 million for the full year ending Dec. 31. The company warned that it expects losses to continue amid greater profitability challenges.

In May the company mentioned Its first-quarter results revealed losses of $327 million, most of which were related to expenses related to its SPAC deal. The company disclosed as of April 29 that more than 621,000 different shareholders owned shares in Trump Media, noting that the “vast majority” of those were individual investors.

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Trump keeps approx 60% share In social reality. At Thursday's closing price of about $52 a share, Trump Media has a market value of about $7 billion, giving the former president a stake worth about $4.2 billion. Immediately after the company's public debut, Trump's stake was worth just over $4.5 billion.

In late April, the stock reached a milestone that secured Trump an additional $1.2 billion. However, stakeholders are still subject to a six-month lock-in period before shares are sold or transferred.

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