NEW YORK (EFE).— Trump Media, the media company of former President and Republican candidate Donald Trump (2017-2021), has fallen sharply on the stock market since Vice President Kamala Harris emerged as his Democratic rival for the election, which has reduced his fortune by some 900 million dollars.
Shares of Trump Media, which includes the social media site Truth Social, have fallen by more than 20% since July 19, the session before President Joe Biden’s withdrawal from re-election, after which he cast his vote for Harris as his successor, also triggering a huge movement of support in the Democratic Party.
The fall of Trump Media has affected the fortune of the tycoon, who has a majority stake in the company, although he cannot sell his shares until September 25 due to a contract clause following its IPO.
According to CNN, Trump’s position in the stock was worth about $4 billion on July 19, and currently stands at about $3.1 billion.
The company soared more than 30% following the July 13 assassination attempt, but the positive effect on the stock market has more than evaporated, with shares falling nearly 5% further today amid a generally bad day on Wall Street.
Trump Media is no stranger to fluctuations — some analysts consider it a “meme stock,” a treasure trove of speculators — and has lost nearly 50% since the former president was convicted in New York for irregular payments to a porn actress in the campaign that brought him to the White House.
In the first quarter of 2024, it recorded a net loss of $327 million, a considerable increase compared to last year’s accounts, when it had an accumulated loss of $58 million over the 12 months.
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2024-08-10 09:34:36
