Trump Media Stock Experiences 'Abnormally Volatile' First Month, Says Expert: 'Any Stock I Can Ever Recall Being'

Rounak Jain

April 27, 2024

Former President Donald Trump's Trump Media & Technology Group (NASDAQ:DJT) stock has had a turbulent first month on the markets, described as “abnormally volatile” by a financial expert.

What Happened: The stock of Trump Media, the company behind the social media platform Truth Social of former President Trump, has been highly unstable since its debut on the Nasdaq on March 26.

The stock, under the ticker DJT, experienced significant fluctuations in its first month, with its price reaching as high as $79.38 on the first trading day.

However, the stock took a nosedive a week later following the revelation of substantial operational losses in 2023, the planned resale of most of its outstanding securities, and the announcement of its live TV streaming platform.

"It's been abnormally volatile — as volatile as any stock I can ever recall being," said Morningstar's vice president of research, John Rekenthaler, reported Quartz.

This rollercoaster ride can be attributed to the significant influence of retail investors, who often trade based on sentiment rather than business performance.

See Also: US, China Set To Hold First High-Level Talks On AI, Blinken Confirms: TikTok ‘Did Not Come Up’ In Discussion

Trump Media CEO Devin Nunes has alleged that the company’s stock is being illegally traded through a practice known as “naked” short-selling. Despite the company’s plans to launch a live TV streaming platform linked to Truth Social, the stock continued to plummet.

Why It Matters: Short-sellers have reportedly made millions of dollars from the newly public stock, with Nunes urging House GOP leaders to investigate potential stock manipulation and anomalous trading.

The accounting firm contracted by Trump Media was found to have used 14 different versions of the auditor’s name in regulatory filings, raising concerns about the company’s financial oversight.

Price Action: Trump Media stock rose 7.92% to close at $41.54 on Friday, according to Benzinga Pro.

Read Next: Trump’s Stock Loss Means Millions For Short Sellers: ‘A Lot Of His Businesses Go Belly Up, Quickly’

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo via Shutterstock.

Recommended

No. 1 Clean Energy Stock Pick for 2024? (Hint: Uranium) - Ad

Market Warning: Don't Buy This... - Ad

Mysterious Gold Leverage Just Announced - Ad

A new 2024 election poll shows a close race between Donald Trump and Joe Biden. One candidate gained ground with their party and Independent voters.

Amid Nvidia Craze, Jim Cramer Sees A Chip Stock 'Not On Anyone's Radar' About To Break Out: Here's What He Said

Despite it not being on anyone's radar, Jim Cramer believes that Broadcom is about to break out.

Could Elon Musk's New Device Save Us from A.I. Apocalypse?

Could Elon Musk's New Device Save Us from A.I. Apocalypse? - Ad

A strange new era for mankind is upon us... And it's all thanks to Elon Musk's latest creation. So he invented this strange new device to protect us against that A.I. threat. See this strange device you could be wearing some day.

Safe Harbor Financial's 245% YoY Q1 Net Income Boost, Anticipates Capital Increase With Possible Rescheduling

Safe Harbor Financial Services, Inc. (NASDAQ: SHFS) reported a 245% year-over-year increase in net income to approximately $2.0 million for the first quarter of 2024.

Are US interest rates high enough to beat inflation? The Fed will take its time to find out

WASHINGTON (AP) — The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be , rate cuts this year.

Stock Alert: "Red Flag" Warning

Stock Alert: "Red Flag" Warning - Ad

The Wall Street legend who called the 2020 tech crash just issued a jarring warning about the AI market.

Top 3 Real Estate Stocks That Are Set To Fly

The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down.

Palantir, Boeing, Lucid Group, Hims & Hers, Tesla: Why These 5 Stocks Are On Investors' Radars Today

On Monday, major U.S. stock indexes experienced gains, with the S&P500 closing nearly 1% higher at 5,180.74

Breaking News: Elon Musk Invents New Type of A.I.

Breaking News: Elon Musk Invents New Type of A.I. - Ad

According to 30-year Silicon Valley and Wall Street veteran, Eric Fry... A man who picked 41 plays that jumped 1,000%+... Elon Musk is about to shock the world again with this new type of A.I.... Mining new millionaires in the process.

Buffett Says No Other Americans Would Have Had To Pay Even A Dime In Federal Taxes If This Had Happened

Warren Buffett suggests that federal taxes will likely increase given the country's precarious fiscal position, and he expressed Berkshire's willingness to cover the tax bill it faces.

Amid Latest Indictments, Former Trump Aide Slams Ex-President Over Treatment Of 'Bodies Around Him': 'He Takes Out Everybody Who Is Loyal To Him'

Cassidy Hutchinson, a former aide to Donald Trump, publicly expressed her disapproval of the ex-president following the recent indictments of his associates in the Arizona fake electors scheme.

The Next Wave of AI Is Here

The Next Wave of AI Is Here - Ad

The age of artificial intelligence has been unleashed. The first wave of AI lifted the stocks of Nvidia and other companies producing chips to power AI technology. The new wave of AI has everything to do with software - and it's just getting started.

Jim Cramer Advises Investors To Stick With Good Companies Despite Short-Term Losses: 'You Just Need To Figure Out Which Companies Deserve Your Confidence'

Cramer, a prominent figure in the finance world, suggested that investors should not emulate the trading habits of large hedge funds. Instead, he recommended a long-term investment strategy, emphasizing the need to anticipate and endure market declines.

Elon Musk Causes Stir With Response To Professor's Ominous Prediction Of Civil War 'Coming To The West'

Elon Musk raised eyebrows with his recent tweet affirming a prediction of a civil war in the West.

The Mysterious Tale of "America's No. 1 Retirement Stock"

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Here's How Much A Super Bowl LIX Commercial Will Cost, How Fox Corporation Stock Could Benefit

Super Bowl LIX is months away, but it's already time to talk about the commercials with a high price tag already reported.

Curaleaf Reports Q1 2024 Revenue Of $339M, 48% Gross Margin Amid Strategic Global Expansion

Curaleaf Holdings, Inc. (OTC: CURLF), a leading international cannabis company, reported its financial results for the first quarter of 2024.

Discover "U.S.'s New Money" Before Biden Wins

Discover "U.S.'s New Money" Before Biden Wins - Ad

A new form of money has emerged in America, and it's making some folks wildly rich... (Musk and Bezos both use it). Find out how you can too in this free video.

Taylor Swift bill is signed into Minnesota law, boosting protections for online ticket buyers

MINNEAPOLIS (AP) — People buying tickets online for concerts, sporting events and other live events in Minnesota will be guaranteed more transparency and protection under a so-called Taylor Swift bill signed into law Tuesday by Gov. Tim Walz.

Elon Musk Talks Immigration, Starlink, Mars, Aliens, And More At MI Global: 'If You Have To Die Somewhere, Might As Well Be Mars'

Elon Musk discussed topics ranging from immigration and space exploration to personal joys during a conversation with Mike Milken at the Milken Institute.

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer]

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer] - Ad

Bitcoin minted 100,000 millionaires and if you're not one of them, that ship has sailed. But there's another millionaire-minting crypto at our doorstep... research shows this coin could be 20X bigger than Bitcoin by the end of the decade. With crypto starting to heat up again, this could be the perfect time to get in.

Bitcoin ETFs Record $51M Net Outflows On Monday, Continue 3-Week Outflow Trend

The cryptocurrency investment landscape has been marked by a concerning trend in recent weeks, with significant outflows recorded across major Bitcoin (CRYPTO:

More cows are being tested and tracked for bird flu. Here's what that means

U.S. health and agriculture officials are and tracking of bird flu in dairy cows in an urgent effort to understand — and stop — the growing outbreak.

One Coin to Rule Them All...

One Coin to Rule Them All... - Ad

Hardly any investors are talking about this coin but I believe that's about to change with some potentially huge news! Get in on the ground floor while it's rock bottom with this new how-to guide, just $3.

Elon Musk Debunks Tucker Carlson's Alien Theory, SCOTUS On Trump's Immunity, North Korea's Military Pledge And More: This Week In Politics

The week was filled with intriguing stories, from Elon Musk's dismissal of alien theories to the U.S. Supreme Court's deliberation on former President Donald Trump's immunity claims.

Nvidia Joins $1.05B Wayve Funding, Advances Automated Driving

Wayve secures $1.05 billion funding, spearheaded by Nvidia and SoftBank, to revolutionize autonomous driving. CEO Alex Kendall's strategy prioritizes adaptable AI, setting the stage for Wayve's expansion and profitability.

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024 - Ad

Early Bitcoin Millionaire Charlie Shrem just revealed his five little-known crypto coins that he believes could create generational wealth over the next 12 months. What's more, some of these tiny cryptos he's discovered trade for less than $1!

Bystander livestreams during Charlotte standoff show an ever-growing appetite for social media video

CHARLOTTE, N.C. (AP) — Saing Chhoeun was locked out of his Charlotte, North Carolina, home on Monday as law enforcement with high-powered rifles descended into his yard and garage, using a car as a shield as they were from the direction of his neighbor's house.

Bitcoin Tops Returns In All Asset Classes Amid 'Repeatedly Disappointing Inflation Data': Mohamed El-Erian Shares Insights On Market Volatility

Renowned economist Mohamed El-Erian shared a comprehensive table of financial returns for major assets and asset classes, highlighting the volatility of the market in April.

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse - Ad

One unknown AI startup could match or even exceed AI's biggest runs in the coming years. Why? Because its technology solves the biggest problem holding back AI. It's a critical component that the industry can't advance without. This company just went public, so right now, it's under the radar.

China's president arrives in Europe to reinvigorate ties at a time of global tensions

PARIS (AP) — Chinese President Xi Jinping kicked off a three-country on Sunday with the continent divided over how to deal with Beijing's growing power and the U.S.-China rivalry.

Italy Based Stevanato Reports Mixed Q1 Earnings, Revises Annual Guidance On Temporary Destocking

Stevanato Group reports Q1 earnings of 236.0 million euros, down 1% Y/Y. Sales declined due to vial destocking amid pandemic effects. High-value solutions revenue up to 37% driven by syringe demand. Updated FY24 guidance reflects cautious outlook.

5 Wall Street Legends Just Bought This One Stock

5 Wall Street Legends Just Bought This One Stock - Ad

"If you're not at the table, you're on the menu," says former Goldman Sachs VP, Dr. David Eifrig.

Three groups are suing New Jersey to block an offshore wind farm

LONG BEACH TOWNSHIP, N.J. (AP) — Three anti-wind power groups are suing New Jersey to overturn a key environmental approval for a wind energy farm planned off the coast of Long Beach Island.

Poland is still not ready to adopt the euro, its finance minister says

WARSAW, Poland (AP) — Twenty years after joining the European Union, Poland is still not ready to adopt the euro currency, the finance minister in the pro-European Union government said.

One Crypto Can Change Your Financial Life

One Crypto Can Change Your Financial Life - Ad

The catch is you won't be able to become a millionaire by buying Bitcoin today. There are five little-known coins I've discovered that I believe will skyrocket over the course of the next few months.

Xi's visit to Hungary and Serbia brings new Chinese investment and deeper ties to Europe's doorstep

BUDAPEST, Hungary (AP) — When Chinese President Xi Jinping visited Hungary last week, he arrived to one of the few places in the European Union where his country is considered an indispensable ally rather than a rival. By the time he left on Friday, he'd that provide fertile ground for China's plans of economic expansion in Europe.

Tesla Retail Shareholder Who Poured $3.5B Into EV Stock Screams Foul Over 'Magician' Elon Musk's Pay Package Plan, Urges Other Investors To Vote No: 'Don't Be A Sucker'

He referred to Musk's supporters as "brainless suckers" and accused Tesla's mission to accelerate the world's transition to sustainable energy as a "ruse to suck in naive investors and engineers."

Central Banks Buying Gold in Record Numbers

Central Banks Buying Gold in Record Numbers - Ad

Most folks have completely missed the fact that the world's Central Banks have been quietly gobbling up as much gold as they can... Stacking it in their locked vaults on pallets in record numbers. Find out why right here (and see what you can do to get in too with just a few dollars).

Wall Street's Most Accurate Analysts' Views On 3 Risk Off Stocks With Over 3% Dividend Yields

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks.

Trending Now

Elon Musk's Tesla Faces FSD Uptake Challenge As Only 2% Of Free Trial Users Subscribe, Gary Black Terms The Figure 'Disappointing'

Bill Gates Shares Heartwarming Scuba Diving Photo With Daughter On Her 28th Birthday: 'I'm In Awe Of How You Dive Headfirst Into Everything.'

Buy This Next Gen Crypto Before Its Big Upgrade - Ad

Berkshire Hathaway's Q1 Operating Earnings Surged 39% â€” Here's Why

Voters Reveal Whether They Feel Donald Trump Is Receiving Fair Treatment In Court In Latest Poll -- What That Means For Former President's Election Chances