Trump Media shares erase 2024 gains as key DJT sale date nears

• Trump Media shares closed Wednesday below where they ended 2023.
• The stock price of DJT, which created the social media platform Truth Social, has slumped ahead of the date when Donald Trump will have the option to start selling his stake.
• The stock has fallen more than 75% from its intraday peak in its Nasdaq trading debut following a merger with a special purpose acquisition company.

Trump Media shares on Wednesday closed below where they stood at the end of 2023, as the Truth Social maker's stock continued to slide ahead of the date when majority-owner Donald Trump can begin selling his stake.

The DJT slump, which followed a brief surge in mid-July spurred by the former president surviving an assassination attempt, has shaved billions of dollars off the company's market capitalization.

Trump Media ended the trading day at $16.98 per share, a 6% decline on the day.

The stock has fallen more than 75% from its intraday peak of $79.38 per share, which it hit in its Nasdaq trading debut in late March following Trump Media's merger with a special purpose acquisition company.

The stock price has ricocheted since then, as traders and analysts increasingly viewed Trump Media as a meme stock and as its value rose and fell with the political fortunes of the Republican presidential nominee.

Shares of the SPAC, Digital World Acquisition Corp., were at $17.50 at the market close on Dec. 29, the last trading session of 2023.

They shot up in mid-January, around the time that Trump emerged as the clear frontrunner in the Republican presidential primary.

Despite losing millions of dollars in consecutive fiscal quarters and generating scant revenue from Truth Social ad sales, Trump Media's market capitalization is currently around $3.5