DJT shares dropped on X return ahead of Elon Musk interview

The share price of Donald Trump’s own social media company fell sharply on Monday, as he returned to X (formerly Twitter) where tonight he is being interviewed in a live interview with Elon Musk.

Trump Media & Technology Group (NASDAQ:DJT), the parent company of his Truth Social app, lost around 5% in regular trading hours in New York, closing at $24.88 – having changed hands as low as $24.20 at one point.

There’s more to the story than the company’s largest shareholder and namesake appearing on the rival platfom, as the DJT company also had second quarter financial results out too.

DJT reported a $16.4 million net loss for the quarter, along with a 30% decline in year-over-year revenue to a meagre $837,000.

In truth, however, the stock’s performance has rarely reflected the fundamental financial performance metrics or traditional valuation methodologies, rather the Truth Social company has instead moved much more like a so-called ‘meme-stock’.

Indeed, on Monday’s close DJT retained a market capitalisation of just over $4.73 billion.

Those investors and traders following the stock, may meanwhile have some concern with Trump’s return to X (Twitter).

He essentially launched Truth Social as a means to retain open lines of social media to his loyal base after Twitter (prior to Musk buying the company) expelled the former president in January 2021. Today, ahead of his interview with Musk, Donald Trump’s X account posted a series of campaign videos along with a post to promote tonight’s live interview.