New York –
After a ridiculous spike over the past five weeks that had absolutely nothing to do with the company’s actual business, former President Donald Trump’s social media stock is suffering a sudden setback.
Truth Social owner Trump Media & Technology Group’s share price plunged 22.3 per cent on Wednesday. That marks Trump Media’s worst one-day loss since going public in March, narrowly exceeding a loss of 21.5 per cent on April 1.
It’s not clear exactly what caused the sharp reversal for Trump Media, whose share price has become a proxy for how traders think this election will turn out. Trump Media did not release any major news that would explain the nosedive.
Some traders blamed the steep selling on technical factors and a loss of momentum for what has become a meme stock.
Trump Media’s stock has been extraordinarily …