• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Trump Media stock drops 5% after quarterly loss and Trump’s return to X
Editor's Pick

Trump Media stock drops 5% after quarterly loss and Trump’s return to X

by August 13, 2024
by August 13, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Shares in Trump Media and Technology Group fell slightly more than 5% on Monday after the company reported scant revenues and a net loss in its first full quarter as a public company.

Meanwhile, Donald Trump returned to X early Monday in advance of his interview with X owner Elon Musk later in the day, raising some doubt about whether Trump would continue favoring Truth Social, the social media platform owned by Trump Media. In a fundraising email late in Monday’s trading session, however, the Trump campaign said he’s ‘back on X for a short time.’

Shares in Trump Media have been subject to significant volatility since it began trading in late March thanks in part to competing bets from Wall Street traders about how much the stock would fall.

But the stock has lost half its value since mid-May, and it has fallen more than 40% after a brief surge in the wake of the July 13 assassination attempt on Trump, the Republican nominee for president.

That has equated to billions in paper losses for Trump Media’s largest shareholder: the former president himself. Still, the company’s market value was $4.72 billion as of Monday’s close.

With rare exceptions, Trump has almost exclusively posted to Truth Social since it came into being in February 2022. But in its initial public offering, the company officially warned that if Trump stopped posting to Truth Social, investors would be materially harmed.

While Trump is contractually obligated to post on Truth Social before he does so on any other platform, the rule does not apply to posts related to his campaign and politics. Trump, who was once a prolific tweeter, last posted on X, formerly known as Twitter, in August 2023.

“They want to silence me because I will never let them silence you,” Mr. Trump said in a campaign video posted to his account Monday, which Musk reinstated in 2022 after Twitter’s former ownership banned it in the wake of the Jan. 6, 2021, riot at the U.S. Capitol. “They’re not coming after me. They’re coming after you.”

In its quarterly report, released late Friday, Trump Media addressed the launch of its streaming service, Truth+, this month. It also said it was exploring “numerous other possibilities for growth,” including mergers and acquisitions. It added it was debt-free and had $344 million in cash and cash equivalents.

“From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing,” CEO Devin Nunes, the former Republican House member from California, said in the quarterly report.

This post appeared first on NBC NEWS
You Might Also Like
  • Tempur Sealy is buying Mattress Firm for $4 billion
  • Markets are clamoring for the Fed to start cutting soon: ‘What is it they’re looking for?’
  • Sateliot in Collaboration with Sensefinity To Launch 5G IoT Satellite Technology in 1,000 Smart Containers to Prevent Cargo Damage
  • Google loses antitrust case over search
Share
0
FacebookTwitterPinterestWhatsapp

previous post
DirecTV is pushing its pay TV bundle — without a satellite dish
next post
Bernie Sanders disagrees, but Trump keeps insisting Harris is more liberal than the Vermont senator

You may also like

Warner Bros. Discovery adds 7.2 million Max subscribers, the streamer’s...

November 9, 2024

Professionally monitored alarm systems in Europe and North America surpassed...

December 21, 2022

More than 15 million Toshiba laptop adapters recalled due to...

February 22, 2024

Dow tumbles 475 points, S&P 500 suffers worst day since...

April 14, 2024

AMD launches AI chip to rival Nvidia’s Blackwell

October 10, 2024

Mortgage rates plunge to the lowest level in over a...

August 5, 2024

U.S. payrolls climbed by 209,000 in June, less than expected

July 11, 2023

Small businesses are still hungry to hire, but many workers...

April 8, 2024

Rivian secures up to $5 billion from Volkswagen; shares soar...

June 27, 2024

Jenny Craig employees file a class-action lawsuit claiming the company...

May 6, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past...

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Fed officials see ‘upside risks’ to...

    August 18, 2023

    Dick’s Sporting Goods stands by full-year...

    May 28, 2025

    48,000 mattresses sold at Costco may...

    September 24, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here