The stock price of Trump Media & Technology Group plummeted during the first full day of President Donald Trump’s second term, dropping more than 11 percent in a single day.
A share of Trump Media, which sells under the ticker “DJT,” was worth just over $35 on Tuesday afternoon.
On Friday, it was worth more than $40, about the same as after the assassination attempt that saw Trump get shot in the ear in July last year. The share price has dropped more than 28 percent over the course of the last year.
Trump Media, the parent company of Truth Social, isn’t the only Trump-connected entity seeing its price drop. Trump launched a crypto coin just days before taking office, the price of which dropped on Tuesday after initially rallying.
Trump’s meme coin, going under the name $TRUMP, fell 29 percent Tuesday. Memecoins are a kind of digital currency whose value is unconnected to financial metrics, instead depending on investors’ feelings or cultural trends. Investing in meme coins tends to be a highly volatile option.
First Lady Melania Trump also launched a meme coin on January 17, the same day as Trump. Her meme coin had a more dramatic drop on Tuesday, 51 percent, according to Fortune. The president and the first lady launched their coins on the blockchain Solana.
Former Trump Communications Director Anthony Scaramucci, now a vocal Trump critic, wrote on X that the “most dangerous thing for [the] country about [the] Trump coin is what comes next. Now anyone in [the] world can essentially deposit money into [the] bank account of [the] President of [the] USA with a couple [of] clicks. Every favor - geopolitical, corporate or personal - is now on sale, right out in the open.”
Democratic California Rep. Ro Khanna argued on X that “Elected officials must be barred from having meme coins by law. Meme coins are highly speculative and like gambling must be regulated by the SEC. They are neither neutral money (not controlled by insiders) nor platforms for innovation.”
A founding partner at the crypto investment firm Castle Island Ventures, Nic Carter, told Politico that he’s an “avowed and explicit” Trump supporter but added that “It’s absolutely preposterous that he would do this.”
“They’re plumbing new depths of idiocy with the memecoin launch,” he added.
The share price of Trump Media shot up following Trump’s election victory, only to come straight back down. The president owns about 114.5 million shares in Trump Media, which is valued at about $4 billion, Fortune noted.
