With only three days left until the U.S. presidential election, shares of Donald Trump’s media company, Trump Media & Technology Group (TMTG), have plummeted, resulting in a $2.4 billion loss for the Republican candidate, CNN reports.
According to the report, shares of TMTG’s social media platform, Truth Social, had been on an upward trend for the past five weeks. However, this week saw a sudden and steep decline. Over the past three days, the company has lost 41% of its total market value.
On Wednesday, October 30, TMTG’s shares fell by 22%, followed by a 12% drop on Thursday, October 31, and another 14% on Friday, November 1. This decline saw the share price fall from $51 on October 29—when the company had a valuation of $5.9 billion—to $35, bringing its valuation down to $3.5 billion by Friday.
Truth Social, launched by TMTG in 2022, has yet to turn a profit, adding further challenges for the platform and Trump’s media enterprise in the lead-up to the election.
