Despite two days of volatility, investors in Trump Media & Technology Group’s stock are finally seeing an uptick in their shares. On Wednesday, the stock TMTG (DJT) rebounded by 20% in early afternoon trading after tumbling earlier in the week. Shares closed more than 14% lower on Tuesday after the company announced a major expansion into streaming, a cost-intensive business. The stock also fell 18% on Monday after the company took steps to sell millions of extra shares.
Trump Media & Technology Group is majority-owned by former President Donald Trump and has been struggling to make money. Its market value is just under $3.8 billion, well below its peak of $8 billion when it began trading at nearly $70 a share. Despite its high valuation, the company lacks the fundamentals to back it up, causing uncertainty among investors.
The company’s connection to former President Trump has made its shares volatile due to his name recognition, politically polarizing nature, and close association with the company. His net worth has been affected by extreme swings in the stock’s performance. On one particularly bad day, his net worth plunged by $1 billion. He is currently facing a criminal trial on 34 felony counts of falsifying business records for his alleged role in a hush money scheme before the 2016 election, to which he has pleaded not guilty.
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