Pomegra
Trump Media stock (DJT) fell another 9.6% Thursday to $4.06, a record low, extending a 24.5% rout after Democrats won Congress in the midterm elections.
- DJT closed at $4.06 on Thursday, down 9.58%, after a 24.54% plunge to $4.49 on Wednesday.
- The shares touched an intraday low of $3.80 and are down about 93% from the March 2024 peak of $66.22.
- Q3 results are due after the close on November 9, with about $1 billion in convertible debt in the background.
Lead
Trump Media & Technology Group (NASDAQ: DJT), the parent of Truth Social, closed at $4.06 on Thursday, November 5, down 9.58% on the day. The stock opened at $4.53 and briefly fell to $3.80 before settling at its lowest close on record. The decline followed Wednesday's 24.54% drop from $5.95 to $4.49, the worst session since the company began trading under the DJT ticker. That session came on volume of about 22 million shares, roughly five times the normal level.What Happened to Trump Media Stock?
Trump Media stock lost about 32% over two sessions as Democrats took control of Congress. Wednesday's close marked the lowest level for DJT and its predecessor, Digital World Acquisition Corp., since 2021. The shares are down about 66% from $13.24 at the end of 2025 and more than 93% from the 2024 peak.
The selling was company-specific. The Dow Jones Industrial Average rose 3.03% on Wednesday while DJT collapsed, a sign that investors were repricing Trump-linked assets rather than reacting to the broader market.
Why Did Trump Media Shares Fall After the Midterms?
Shares fell because a Democratic Congress raises the prospect of oversight of the Trump family's business dealings. A Democratic House member's "LAWYER UP" post on the night of the results fed expectations of investigations. The stock trades as a proxy for President Donald Trump's political standing, so a midterm defeat hits it directly.
The business itself offers little support. In the second quarter, the company reported revenue of $1.7 million and a net loss of $238 million, driven mostly by unrealised losses on its bitcoin and other digital assets. Six-month losses reached $644 million against $2.5 million in revenue. Truth Social traffic has also declined from a year earlier.
How Much Has Trump's Stake Lost?
The Trump stake has lost about $219 million in value since Tuesday. Trump Jr., as trustee, controls 114.75 million shares, about 41% of the company. That stake lost $168 million on Wednesday and a further $51 million on Thursday, leaving it worth roughly $466 million at the closing price.
Balance Sheet Pressure
The company holds about $215 million in cash and short-term investments against roughly $1 billion in convertible notes. A maturity window on those notes opens November 30. Its market capitalisation, about $1.25 billion at Wednesday's close, is now only slightly above that debt load. A proposed merger with fusion-energy firm TAE Technologies is also pending.
What Comes Next for Trump Media?
The next catalyst is third-quarter earnings, due after the close on November 9, with a conference call at 5:00 p.m. ET. Investors will look at the size of bitcoin-related losses, cash on hand, any update on the TAE deal, and how management plans to address the convertible notes. Revenue from newer products such as the Truth API subscription service will also be watched, because advertising and subscriptions remain a small fraction of the company's costs.
Outlook
Trump Media enters the earnings report at record lows, with shares tied to the political fortunes of its largest shareholder and a balance sheet dominated by volatile digital assets and convertible debt. The report and the November 30 note window are the next tests of whether the sell-off continues or stabilises.
Mentioned tickers: DJT
