Republican presidential nominee and former U.S. President Donald Trump speaks as he participates in an interview with billionaire entrepreneur Elon Musk on the social media platform X, at Mar-a-Lago in Palm Beach, Florida, U.S., August 12, 2024 in this picture obtained from social media.
Shares of Trump Media & Technology Group, President-elect Donald Trump's media company, plunged on Thursday, giving back the rally in the previous session triggered by his election victory.
The stock dropped more than 20%, following a 5.9% pop on Wednesday after the Republican was elected the 47th president of the United States and is set to return to the White House for another four years.
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Trump Media, which is the operator of Truth Social, was viewed as a proxy for Trump's election odds in the past few months. The stock had shot up as much as 60% early Wednesday as Trump was projected to defeat Vice President Kamala Harris. It later pared gains in the regular trading session.
The media company, majority owned by Trump, went public in March via a blank-check merger and now trades under ticker DJT — Trump's initials.
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Trading in the name has been particularly volatile since its market debut. Investors have largely turned a blind eye to the company's fundamentals. Trump Media released a surprise earnings statement after the bell Tuesday that showed the company lost $19.2 million in the third quarter.
The shares are up 105% this year. Investors could be taking profits after 2024's strong run in the stock.
