The stock prices for Donald Trump’s social media venture, Truth Social, fell to a new low on the first day of the Democratic National Convention.

On Monday, the Trump Media & Technology Group’s stock closed at $22.24, marking a 3.56% decline from its last closing price and its lowest point since it became publicly traded in March. The previous lowest price was $22.84, which occurred on April 16, during Trump’s New York criminal trial when he was found guilty of 34 counts related to falsifying business records.

Trading under the ticker DJT, Trump Media has experienced a consistent drop in stock prices since mid-July. This latest decline coincides with challenges the Trump campaign faces against the Democrats’ emerging candidate, Vice President Kamala Harris. Earlier this month, the company reported over $16 million in losses, with revenues falling below $1 million for the second quarter of the year.

Trump Media did not promptly reply to YSL News’s inquiry for comment.

Trump Media Stock Overview

Volatility of Trump Media Stock Compared to Meme Stocks

Trump Media has frequently been likened to a meme stock, with experts noting that its prices are heavily influenced by the collective actions and interests of retail investors.

The company was established in 2021 after Trump was banned from several major social media platforms following the January 6 riots at the U.S. Capitol. It went public in March after merging with Digital World Acquisition Corp., a special purpose acquisition company (SPAC). Although it had a flashy entrance, the stock has faced significant fluctuations, often reflecting the ups and downs of the news surrounding Trump this year.

Analysts have pointed out that the stock appears overvalued based on traditional Wall Street metrics when compared to other social media platforms.

In May, Trump Media reported a net loss of $327.6 million for the first quarter of 2024, generating only $770,500 in revenue. In August, it reported losses exceeding $16 million with revenue of under $1 million for the second quarter. Regulatory filings indicate that the company was operating at a loss throughout 2023, bringing in approximately $4 million in revenue while incurring losses exceeding $58 million.