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    • Trump鈥檚 social media stock just suffered its worst day since going public

    Republican presidential candidate former President Donald Trump's social media platform Truth Social is shown on a cell phone on March 25, 2024 in Chicago, Illinois. (Scott Olson/Getty Images via CNN Newsource) Republican presidential candidate former President Donald Trump's social media platform Truth Social is shown on a cell phone on March 25, 2024 in Chicago, Illinois. (Scott Olson/Getty Images via CNN Newsource)
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    After a over the past five weeks that had absolutely nothing to do with the company鈥檚 actual business, former President Donald Trump鈥檚 social media stock is suffering a sudden setback.

    Truth Social owner Trump Media & Technology Group鈥檚 share price plunged 22.3 per cent on Wednesday. That marks Trump Media鈥檚 worst one-day loss since going public in March, narrowly exceeding a loss of 21.5 per cent on April 1.

    It鈥檚 not clear exactly what caused the sharp reversal for Trump Media, whose share price has become a Trump Media did not release any major news that would explain the nosedive.

    Some traders blamed the steep selling on technical factors and a loss of momentum for what has become a meme stock.

    Trump Media鈥檚 stock has been extraordinarily volatile all year. The stock does not need official corporate announcements to move dramatically higher or lower.

    Until Wednesday, it had been moving in one direction: Straight up.

    Between September 23 and Tuesday鈥檚 closing bell, Trump Media had quadrupled in value. That breathtaking rally has been driven by bets on Wall Street that Trump will win the White House.

    The enormous gains boosted Trump Media鈥檚 value to $10.3 billion as of Tuesday鈥檚 close. That means it was briefly worth , the Elon Musk-owned social network formerly known as Twitter.

    That鈥檚 despite the fact that X has about 70 million monthly active US users on iOS and Android as Truth Social, according to Similarweb data shared with CNN. That鈥檚 roughly 100 times Truth Social鈥檚 698,000 monthly active US users.

    Even Threads, Meta鈥檚 relatively new X competitor, has about 20 times the user base of Truth Social, according to Similarweb.

    'Head scratcher' valuation

    Trump Media鈥檚 fundamentals remain very modest for a company that is still valued at more than $8 billion.

    For context, CBS owner Paramount Global, a company that Trump Media recently surpassed in market value, has brought in more than $14 billion in revenue so far this year.

    But Trump Media has generated just $1.6 million of revenue this year.

    鈥淔undamentally the valuation is a head scratcher but we have seen other meme stock narratives like AMC and GameStop on similar paths the last few years,鈥 Dan Ives, senior equity analyst at Wedbush Securities, told CNN in an email. 鈥淭ruth Social is a fraction of X and other social media platforms in terms of users but with an election a week away this stock has become a litmus test for some investors on the White House race.鈥

    Matthew Tuttle, CEO of Tuttle Capital Management, blamed Wednesday鈥檚 selloff on Trump Media鈥檚 share price failing to break through key resistance to the upside.

    鈥淚t鈥檚 the way the game is played on this stuff,鈥 Tuttle told CNN. 鈥淭he smarter traders know you make your money and get the hell out. And leave the not-smarter traders holding the bag.鈥

    Tuttle noted that one of the factors helping to propel Trump Media higher had been the fact that it鈥檚 very expensive to borrow shares to bet against it. He described 鈥渃ompletely insane鈥 financing costs to borrow shares.

    鈥淚t makes it virtually impossible to short this thing,鈥 Tuttle said.

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