Market Activity

The unprofitable company went public in late March via a merger with Digital World Acquisition.

Analysts say the stock is wildly overvalued, relative to the company's underlying financials. Trump Media lost more than $58 million on $4.1 million in revenue during 2023, according to an 8-K filed earlier this month.

“And I was adamant that I would never work for anybody until I heard it was Steve Jobs. And I was like, I will do whatever he says,” Palihapitiya said. “I would have driven his car.”

The SPAC raised $250 million in a January 2022 IPO to search for a target business operating in the software, internet, media, fintech, healthcare IT or consumer industry sectors.

No analyst note on the company has surfaced thus far. JPMorgan Chase, Bank of America and Barclays Plc are among the top brokerages that said they were not covering TMTG.

Attorneys with the firm in a blog post examine the new SEC regulations on SPACs that go into effect July 1.

Shares at the time of the company’s debut on the NYSE three years ago were trading at $172.80. Folowing the deSPAC, Lightning eMotors has since plunged into penny-stock territory, last trading today at 5 cents a share.

The letter alleges "naked" short selling of Trump Media shares and is similar to communications that CEO Devin Nunes sent to the Nasdaq last week.

Trump currently holds almost 79 million shares in the company, which is parent to his Truth Social online platform. Those are worth about $2.6 billion, while the additional 36 million are worth about $1.2 billion.

The stock was down 55% on Friday from its market debut on the Nasdaq.