New York (CNN) — Former President Donald Trump’s social media company suffered a sudden nosedive in the stock market Tuesday that briefly halted trading and left traders scratching their heads.
Truth Social owner Trump Media & Technology Group was trading sharply higher during a volatile session at about $31 per share when it swiftly collapsed below $29 shortly after 2:40 p.m. ET on heavy trading volume.
Nasdaq paused trading for Trump Media at 2:42 p.m. ET for five minutes, a routine cooling-off period that exchanges are required to impose during times of heavy volatility.
When trading resumed, Trump Media initially bounced back before plunging below $27.
The owner of social media platform Truth Social ended the day down 10%, and 20% below its high of the day.
There did not appear to be any new developments or announcements that would explain the sudden plunge. But Trump Media is a notoriously volatile stock.
Matthew Tuttle, CEO of Tuttle Capital Management, told CNN he suspects the …