By Chibuike Oguh
NEW YORK (Reuters) – Shares of Trump Media & Know-how Group, which is majority-owned by former U.S. President Donald Trump, sank to file lows on Tuesday, following the Republican presidential candidate’s latest return to rival social media platform X.
Trump Media shares dropped to as little as $21.33, down greater than 4%. The inventory was final down 1.8% at $21.84, on monitor for an eighth consecutive session of losses.
Trump’s dwindling lead in polls and election betting markets in latest weeks has additionally hit the inventory, which has been seen by some retail merchants as a guess on whether or not Trump would win a second time period.
The inventory had reached an all-time excessive of $79.38 throughout their Nasdaq debut on March 26 following a merger with blank-check firm Digital World Acquisition Corp.
Earlier this month, Trump Media – whose principal asset is the Fact Social app – reported a quarterly lack of $16.4 million and income of simply $837,000. The corporate has a market worth of about $4.3 billion, down from over $8 billion earlier this 12 months.
Trump started posting on the X platform final week for the primary time in almost a 12 months, coinciding with an interview with proprietor Elon Musk.
Trump in latest weeks has misplaced his sizeable lead in polls towards Vice President Kamala Harris, the Democratic candidate.
With 78 days to go earlier than the Nov. 5 vote, contracts for a Harris victory are buying and selling at 56 cents, with a possible $1 payout, on the PredictIt politics betting platform.
Trump contracts are at 46 cents, down from as a lot as 69 cents in mid-July.
(Reporting by Chibuike Oguh in New York)
