Donald Trump’s media business continued its rocky start as a public company, with shares in Trump Media & Technology Group closing at a new low since listing on the Nasdaq exchange late last month.
The stock — which trades under the ticker symbol “DJT,” the former president’s initials — on Friday fell $5.56, or 12%, to close at $40.59 — the company’s lowest level since its March 26 debut. For the week, Trump Media shares slid more than 32%. The company, which operates Trump’s Truth Social platform, has lost roughly $4 billion in market value over that stretch.
Although Trump Media shares initially soared to a high of $79.38 on March 26, Wall Street analysts have questioned the company’s financial prospects, saying it is overvalued and comparing it to “meme” stocks like GameStop.
“We are excited to be operating as a public company and to have secured access to capital markets,” a Trump Media spokesperson said in an email.
“Closing …