Donald Trump is the largest shareholder in Trump Media, which owns the Truth Social app frequently used by the presumptive Republican presidential nominee.
The price of Trump Media shares fell below $30 in early trading, a more than $40-per-share plunge since the company began public trading on March 26.
The shares of Trump Media, which owns the Truth Social app, have dropped by more than 47% month-to-date.shares fell below $30 in early trading Friday morning, which is more than $40 lower than what its shares first sold for when the social media company began public trading on March 26.The latest price fall for the ticker continued a slide that included a 5.4% drop on Thursday, and a more than 8.5% decline on Wednesday.is the biggest shareholder in the company, owning nearly 60% of its stock.
As of this week, the so-called short interest in DJT was $208.7 million, with 5.44 million shares shorted, according to Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.A week ago, traders who wanted short Trump Media shares had to pay up to 900% in annual financing costs, meaning they would need a then-$30-per share drop within a month to break even on their trade, Dusaniwsky said.
Trump, who is the presumptive Republican presidential nominee, frequently posts on Truth Social. He has used the app to condemn the four pending criminal cases he faces, along with civil lawsuits that have resulted in judgments against him topping $500 million.
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