Shares of Trump’s social media company dropped as much as 8% in premarket trading, exacerbating the Truth Social operator’s stock slide just before the election.
Trump Media, which trades as DJT on the Nasdaq, last week saw its market cap fall more than 40% between Tuesday afternoon and Friday.
The sudden drop erased much of the company’s gains from a massive rally in October, when its share price more than tripled.
Despite its multibillion-dollar valuation, the company has posted net losses of more than $340 million on revenues of less than $2 million this fiscal year.
The frenetic trading around the stock often seems to bear little correlation to its business fundamentals. Rather, analysts see the company as a magnet for pro-Trump retail investors to support the former president and bet on his odds of beating Harris in the election.
Trump Media (DJT) Stock Price
Democratic presidential nominee and U.S. Vice President Kamala Harris attends a campaign rally, in Erie, Pennsylvania, U.S., October 14, 2024.
Evelyn Hockstein | Reuters
Harris will spend her final day on the campaign trail holding rallies across Pennsylvania, a must-win battleground state that both Republican and Democratic strategists see as the key to winning the Oval Office.
Harris will start the day in Joe Biden’s hometown of Scranton, before holding a rally in Allentown, then going on to a local stop in Reading. On Monday night, Harris will hold rallies in Pittsburgh and Philadelphia. The latter two will feature musical guests, including Lady Gaga in Pittsburgh and Katy Perry in Philadelphia, according to the campaign.
Pennsylvania went for Trump in the 2016 presidential election, but flipped to Biden in 2020. Polls show Harris and Trump neck and neck in the state.
â Jake Piazza
Residents of Mecklenburg County wait in line to cast their ballots near campaign signs on the last day of early voting in the state, in Charlotte, North Carolina, U.S. November 2, 2024.Â
Jonathan Drake | Reuters
Roughly 76 million Americans have already voted early, both through mail-in and early in-person voting, according to NBC News.
Among the states that record voters’ party alignment, 41% of early voters are registered Democrats and 39% are registered Republicans. Early voting rules differ across states.
â Jake Piazza
Republican presidential nominee and former U.S. President Donald Trump smiles while the audience cheers during his rally in Kinston, North Carolina, U.S., November 3, 2024.
Jonathan Drake | Reuters
Trump will split his time across three battleground states on the final day before the election.
Rallies are planned in Raleigh, North Carolina; Reading, Pennsylvania; Pittsburgh and Grand Rapids, Michigan, according to the Trump campaign.
Grand Rapids occupies a unique position in Trump campaign history: Michigan’s second largest city has been Trump’s final stop on Election Eve in both of his previous presidential campaigns.
â Jake Piazza
