Trump Media stock was one of the clearest Trump trades going into the election. But since Nov. 6, the stock has fallen about 20% while the S&P 500 has risen 2%.
Trump Media trades under the ticker DJT and operates the social media platform Truth Social.
The volatile stock was moving little in the premarket Thursday, down 1.3% to $28.55. On Wednesday, shares fell 5% after reports that insiders will start selling stock. Trading volume was also significantly lower at just under 21 million, compared with its 65-day average of almost 38 million, according to MarketWatch.
Trump Media, trading under the ticker DJT, is majority-owed by President-elect Donald Trump, and operates the social media platform Truth Social. Before the election, it had traded largely as a proxy for Trump’s chances of winning the White House race rather than on its own fundamentals.
While Trump and the Republicans comfortably won the election, completing a red sweep Wednesday winning control of the House of Representatives late Wednesday, according to AP projections, the shares haven’t seen sustained gains since.
The stock’s most recent peak was on Oct. 29, when it reached $51 a share. It’s all time record, since merging with a blank-check firm early this year, was a closing high of $66 in March.