Shares of Truth Social owner Trump Media & Technology Group tumbled 12% on Friday, sinking to their lowest level since the company went public last week. The selloff has erased nearly $2 billion from the value of former President Donald Trump’s stake in the company this week. Trump Media shared surged to as high as $79.38 on March 26, the day trading began on the Nasdaq under the ticker symbol “DJT.
Trump Media recently disclosed losing $58 million last year on very light revenue of just $4.1 million. The financial results underscore concerns raised by some experts that the company is being vastly overvalued by Wall Street. Barry Diller, the billionaire chairman of Expedia and People Magazine owner IAC, told CNBC on Thursday that Trump Media is a “scam” and people buying the stock are “dopes.” “I mean, it’s ridiculous,” Diller said on CNBC. “The company has no revenue.
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