Stock Track | Trump Media Stock DJT Plummets 9.45% After Crypto Acquisition Rally Loses Steam

Stock Track11-19 22:35

Shares of Trump Media & Technology Group (DJT) plummeted 9.45% in pre-market trading on Tuesday, erasing a substantial portion of the previous session's rally fueled by reports of a potential acquisition in the cryptocurrency space.

On Monday, DJT's stock had surged over 16% following reports that the company, which operates the Truth Social platform founded by former President Donald Trump, is in advanced talks to acquire crypto trading platform Bakkt Holdings in an all-stock deal.

The market had initially cheered the prospect of Trump Media expanding its footprint in the cryptocurrency market, an area Trump has long advocated for as a presidential candidate. However, Tuesday's sharp selloff suggests investors have grown skeptical about the benefits or feasibility of the rumored acquisition.

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