Shares of Donald Trump’s media company suffered a big loss on Friday with a 12% drop in stock price.
The stock of Trump Media & Technology Group, which merged with Truth Social last week, has plummeted from $79.38 to $40.59 per share since trading began under the ticker symbol “DJT.”
One major problem is Truth Social's low revenue, which was only $4.1 million last year, while spending $58 million. lost During the CNBC show on Friday, host Brian Sullivan and CNBC contributor Herb Greenberg discussed the state of DJT stock, which has dropped more than 34% in the last week.
During the CNBC show Last Call on CNBC, host Brian Sullivan discussed the state of DJT with CNBC contributor Herb Greenberg.
“Trump Media – the social media stock – plummeting another 12% today,” Sullivan noted. “Over the last week, it is down more than 34%. Remember, the stock just debuted via [a special purpose acquisition company] merger last Tuesday.”
The CNBC host aired a clip of Greenberg commenting on the stock last week.
“This is the most overhyped meme stock since meme stock mania,” Greenberg said at the time. “In any other universe, in any other world with any other sort of name or person associated with it, this would be a penny stock.”
The host welcomed Greenberg back.
“Herb, don’t you love when we bring you want because you were right?” Sullivan said. “If you were wrong and we brought you on, you’d probably be mad, but we just gave you a shoutout.”
“It’s always nice,” he replied. “It’s not a penny stock yet, and so, but it looks like it’s on its way to go lower. But who knows? Between here and there, it can go much higher.”
“Good point, because we don’t know who’s buying this thing,” Sullivan said. “The former president, very polarizing guy. Some people hate him, some people love him. So, this is kind of a stock that can swing with a lot of different wins I would imagine.”
“It could,” Greenberg replied. “But as everybody has said, from me on to everyone or anybody, based on fundamentals this stock doesn’t deserve to be anything but ultimately the penny stock that many of us think it ultimately will be. Some people say it’s a stock that’s gonna either go to zero or will end up being state TV.”
The value of Trump's ownership in the company dropped from $4.9 billion to $3.2 billion, and he is prohibited from selling his shares for six months. tumbled from selling his shares for six months. prohibited from selling his shares for six months.
Watch above via CNBC.
