Shares of Trump Media, the company owned by former President Donald Trump, experienced a significant drop of more than 22% in intraday trading on Wednesday. This decline came after a period of remarkable rally that had added billions of dollars to Trump's net worth in anticipation of the 2024 election.
The company, which trades as DJT on the Nasdaq, closed at $51.51 per share on Tuesday but was trading under $40 per share by noon ET on Wednesday. Trump holds nearly 57% of the company, with his stake valued at around $4.5 billion as of Wednesday afternoon, down nearly $1.4 billion from the previous day.
Despite this sharp decline in value, Trump has stated that he has no intentions of selling his shares. The situation remains fluid and investors are advised to stay updated on the latest developments.