The stock of Trump’s social media company went up wildly – then the dive began

Aspiring to the White House again Donald Trump’s social media company Trump Media & Technology Groupin the stock was down nearly 10 percent when the stock market closed on Tuesday.

The company principally owned by the former president of the United States owns the Truth Social service.

Truth Social was founded in February 2022 after Trump’s accounts were removed from then-Twitter, now X, and Facebook.

The company listed on the technology-focused Nasdaq closed at around $27 per share on Tuesday.

A “wild” trading day

US media CNBC characterizes Tuesday’s trading as “wild”.

Earlier on Tuesday, the stock was up more than 13 percent when it suddenly turned down. Trading in the stock was also temporarily suspended.

Tuesday’s quick turnarounds were also reported by, among others, the news agency Reuters and the US media The New York Times.

The company is making a loss

According to CNBC, Tuesday was the busiest trading day for the social media company’s stock since of the March listing.

According to Reuters, Tuesday was the second busiest trading day since the listing.

Trump Media & Technology Group did in the second quarter of the year, a loss of about 16 million dollars. The company’s turnover in April–June was approximately 837,000 dollars.

At the end of the second quarter, the company had $344 million in cash and no debt.