Shares of Donald Trump’s media company took a massive hit on Friday as the stock price shed another 12%.
After merging last week with Truth Social – the former president’s social media platform – Trump Media & Technology Group stock has plummeted. Since trading began under the ticker symbol “DJT,” a share of Trump Media has dropped from $79.38 to Friday’s closing price of $40.59.
One glaring issue is Truth Social’s anemic revenue, which was a mere $4.1 million last year. The company lost $58 million over the same period.
During Friday’s 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.”
Before welcoming his guest, Sullivan aired a …