‘This thing is going crazy.’ Why Trump Media stock is subject to extreme turbulence
CNN
Don’t blink. You might miss a 5% move for Trump Media & Technology Group – in either direction.
Don’t blink. You might miss a massive move in Trump Media & Technology Group’s stock price. The Truth Social owner has only been public for two weeks but it has already sent traders on a stomach-churning ride. Gravity-defying spikes in the share price have been followed by earth-shattering crashes. Trump Media is so turbulent that it makes bitcoin’s volatility look tame. This extreme turbulence has caused wild swings in the net worth of the company’s largest shareholder and chairman: former President Donald Trump. His net worth has plunged by more than $2 billion since Trump Media’s closing price on March 27, the day after it went public. On just one particularly bad day, Trump’s net worth plunged by $1 billion. There are many reasons why Trump Media shares have been so volatile, including the fact that the company is inextricably linked to the former president. His name recognition, politically polarizing nature and close association with the company have captured the attention of retail investors, professional traders and the news media, creating a volatile environment for the stock. “Because it’s Trump, this thing is going crazy,” said Matthew Tuttle, CEO of Tuttle Capital Management, adding that it’s far too volatile for retail investors to buy the stock long term or bet against it. During Trump Media’s first nine trading days with the ticker symbol “DJT,” the stock has moved up or down by at least 5% each day. More than half the days it has moved by double-digit percentages.
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