The price of shares in President Donald Trump’s media company, Trump Media & Technology Group, fell to a new low Monday as the commander-in-chief’s turbulent recent run appears to be taking a toll on his business interests.
TMTG stock closed at $10.85 per share on the Nasdaq on November 17, a 32 percent drop over the past month and the stock’s lowest price since its initial listing on October 1, 2021.
It was at $16 a share as recently as October 29, but has slumped steadily as this month has progressed. It was down to $10.52 at the time of writing on Tuesday.
That compares with its all-time high of $97.54 on March 4 2022, a matter of months after its launch, and the $31.91 it hit on November 8 2024 after Trump’s resounding re-election win over Kamala Harris.
The current decline comes amid a series of political setbacks for Trump, from the slate of Democratic election wins on November 4, which saw the opposition win the New York City mayoral race, gubernatorial contests in New Jersey and Virginia, and a redistricting battle in California, to the release of more damaging Jeffrey Epstein emails by the House Oversight Committee.
The latest unearthed messages found the late pedophile and sex trafficker, who died by suicide in August 2019, alleging that Trump “knew about the girls” and had once spent “hours” at his home with one of the victims.
The president insisted the scandal was all a Democrat “hoax” but ultimately advised House Republicans to go ahead and vote for the release of the Justice Department’s files, which is finally expected to come to pass on Tuesday evening. He has since indicated that he will sign any bill that passes both chambers of Congress and reaches his desk.
Trump is also facing criticism on other fronts, with few convinced by his rhetoric about the falling price of groceries as the holiday season approaches, and concerns about his own health refusing to go away.
TMTG’s principal product is the president’s social media platform, Truth Social, and the company announced late last month a plan to rejuvenate the site by partnering with Crypto.com to offer betting on elections and sports.
The new feature, “Truth Predict,” would enable users to react instantly to developments in major current events and potentially cash in on correct predictions, TMTG said.
“For too long, global elites have closely controlled these markets – with Truth Predict, we’re democratising information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight,” said TMTG’s head, Devin Nunes, a former Republican congressman.
The move to diversify is perhaps no surprise, given that TMTG previously signed a multibillion-dollar deal to buy Crypto.com’s Cronos tokens in August, while the president’s eldest son, Donald Trump Jr, has recently signed on as an advisor to two of the largest prediction market companies, Kalshi and Polymarket.
Meanwhile, Florida Attorney General James Uthmeier came to the company’s aid last month by announcing an investigation into the New York City-based banking giant JPMorgan Chase and other banks for allegedly refusing to accept $1 billion from TMTG during Joe Biden’s presidency.
Trump complained about the matter in an August interview with CNBC, saying it had forced his technology arm to stash its capital “all over the place” in smaller institutions at a formative stage of its growth.
Uthmeier accused the financial houses of coordinating with then-Justice Department special counsel Jack Smith to de-bank Trump’s company as part of an operation known as “Arctic Frost,” according to Fox News Digital.
The AG, who has jurisdiction because TMTG is incorporated in Sarasota, wrote to the bank’s CEO, Jamie Dimon, to express “grave concerns” about what he called the “explosive revelations” about the Biden administration’s alleged targeting of a political opponent.
Uthmeier accused JPMorgan of ending its relationship with the company in March 2024 after receiving a subpoena he described as a “fishing expedition” on behalf of the former president, which he alleged had been designed to wound Trump as he campaigned for the White House.
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