As former President Donald Trump struggles to regain his early lead over Democrats in presidential polls, his Trump Media stock is plummeting.
On Wednesday, Trump Media stock closed at $16.98. Its value is now down by more than 74% compared to when it merged with Digital World Acquisition in March.
Trump owns 115 million shares in Trump Media, which equates to roughly 60% of the stake. At one point, his stake was valued at $6 billion, but now it’s worth about $2 billion.
This comes as Vice President Kamala Harris has risen in popularity in the polls and overcome Trump’s lead in swing states.
Trump is also weeks away from being granted the ability to sell his stock shares on Sept. 19. However, selling the stock could cause a greater loss to its value.
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Trump Media is the parent company of Trump’s company, Truth Social. Back in 2021, Trump Media went public with plans to merge with Digital World Acquisition. Investors began purchasing shares of Digital World in January in anticipation of the merger being finalized when they reached their height of $90 per share.
Upon the merger’s competition after March 25, Digital World Acquisition’s shares peaked at $66. Its stocks are still trading at a high valuation despite Trump Media losing tens of millions of dollars each quarter.