The stock is seen by some retail traders as a bet on whether Trump would win a second term as US president.
Shares of Trump Media & Technology Group (DJT), which is majority-owned by former United States President Donald Trump, have sunk to record lows following the Republican presidential candidate’s recent return to rival social media platform X and his dwindling lead in polls for the upcoming presidential election.
Trump’s dwindling lead in the polls and election betting markets in recent weeks has also hit the stock, which has been seen by some retail traders as a bet on whether Trump would win a second term.
“I’ve always looked at Truth Social and DJT as a voting mechanism versus an investment mechanism,” said Lou Basenese, president and chief market strategist at MDB Capital in New York. “The valuation never made sense in relation to the fundamentals.”
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