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October 15, 2024

Truth Social Stock Halted After Sudden Drop

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Key Takeaways

Shares of the parent company of Donald Trump’s Truth Social platform finished lower today after racing higher in morning trading, building on Monday gains.
Shares had soared earlier in the day as 2024 election odds shifted in former President Donald Trump’s direction on Polymarket.
Truth Social on Monday introduced a web version of its Truth+ streaming service.

Shares of Trump Media & Technology Group (DJT) can be volatile. Tuesday was something else.

Shares of Truth Social’s parent company, majority-owned by former President Donald Trump, finished the day down nearly 10% at about $27. But that came after they’d risen to near $34, about a 13% rise from Monday’s close. Trading in the shares was halted during the session.

Trump Media’s stock has generally raced upward from September lows, trading at levels last seen in July. Even after today’s whipsaw trading, with most of the pullback taking place in late-afternoon action, the shares are still back at August prices.

The earlier gains came as the perceived likelihood that former President Donald Trump, majority owner of Trump Media’s shares, could win the 2024 presidential election race against Vice President Kamala Harris rose. Trump’s chances on prediction market Polymarket have climbed roughly 3 percentage points since Monday to around 58%.

Trump Media on Monday launched a web version of its Truth+ TV streaming service. The platform includes a selection of “news, entertainment, faith-based programming, weather, documentaries, children’s content, and more.”

In addition to a recently announced Truth+ Android app, the company says it plans to introduce an iOS app and bring the service to connected TV platforms including Apple TV and Amazon Fire.

Trump Media shares are well off their 2024 highs around $80.

UPDATE: This article has been updated to reflect final share price information.

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