(New York) Shares of Donald Trump’s media company, Trump Media and Technology Group (TMTG), fell Monday on Wall Street as the former president of the United States and new candidate for the White House is brought to justice in New York.
The shares of TMTG, which oversees the social network Truth Social, lost 15.91% to $27.41 around 10:40 a.m. (Eastern time), as a trial against Donald Trump for concealed payments begins in New York .
The valuation of DJT, the group’s symbol on Wall Street, which reached nearly $11 billion on its first day of trading on March 26, has fallen by almost two-thirds since then.
Monday morning, the market capitalization of TMTG, which oversees the social network Truth Social, stood at $3.7 billion.
This new spectacular fall in the stock comes as the first criminal trial against Donald Trump opened on Monday in New York. In court, the Republican presidential candidate denounced an “attack” on America.
He is on trial for a case of payments intended to buy, via campaign funds, the silence of former porn star Stormy Daniels in 2016, a few days before the presidential elections.
The company TMTG, which went public via a merger with a listed SPAC-type vehicle, also submitted documents for registration of new securities to the SEC stock exchange authorities on Monday.
But this involves the conversion of purchase options (warrants) which will not provide immediate new financing to TMTG, according to a notice from the company.
The former president is the company’s largest shareholder, owning almost 60% of the shares.
According to the company’s bylaws filed with the SEC, TMTG “aspires to build a media and technology powerhouse capable of competing with the liberal media consortium.”
“TMTG was founded to fight big tech companies,” the text continues, citing “Meta, X, Alphabet, Netflix, Amazon and others.”