Trump Media Stock Falls After Loss

Shares of Trump Media and Technology Group experienced a decline of over 5% on Monday following the company's report of minimal revenues and a net loss in its first full quarter as a public entity. This downturn coincided with Donald Trump's return to X, the platform formerly known as Twitter, where he engaged with owner Elon Musk. This move raised questions about Trump's commitment to Truth Social, the social media platform owned by Trump Media, although a fundraising email from his campaign indicated that his presence on X would be temporary. Since its trading debut in late March, Trump Media's stock has faced significant volatility, losing half its value since mid-May. The stock has dropped more than 40% after a brief surge following the July 13 assassination attempt on Trump, resulting in substantial paper losses for the former president, who is the company's largest shareholder. Despite a contractual obligation to prioritize Truth Social for his posts, Trump is not bound by this rule for campaign-related communications. In a campaign video shared on Monday, Trump emphasized his belief that efforts to silence him are ultimately aimed at silencing his supporters. His account on X was reinstated by Musk in 2022 after being banned due to the events surrounding the January 6, 2021, Capitol riot. In its quarterly report, Trump Media announced the launch of its streaming service, Truth+, and mentioned exploring various growth opportunities, including potential mergers and acquisitions. The company reported being debt-free with $344 million in cash and cash equivalents, as CEO Devin Nunes reiterated the commitment to establishing Truth Social as a stronghold for free speech.