Trump Media stock experienced a significant fall in price after an initial frenzy on the company’s first listing last week.
The stock’s price slumped by roughly 20%, the New York Times reported, cutting its total value by nearly $2 billion, finishing the day at $6.5 billion. Former President Donald Trump’s value in the stock declined to $3.7 billion from over $6 billion last week. The end-day total marks a major decline from its peak of $10 billion last week.
Trump Media, the parent company of Truth Social, is the most “shorted” stock on Wall Street — one investors are betting on to fail, according to the New York Times.
Trump himself holds 60% of the stock, a percentage he must hold for six months after the beginning of public trading, as is a stipulation of Trump Media’s board. Despite owning most of the stock, Trump is not on the seven-member board.
Last Tuesday, its first day, Trump Media was v …