Trump Media shares sink below $20 for the first time since going public

• Shares of Trump Media have tumbled this week, hitting a new record low under $20 per share.

• The stock has sunk since Kamala Harris entered the race and reshuffled election odds.

• The stock also took a hit this month when Trump returned to rival platform, X.

Trump Media continued its recent downward spiral this week, hitting a record low.

The Truth Social owner’s shares fell below $20 each in Wednesday’s session, a first since the company went public in March.

The stock has been sliding since mid-July, fueled by President Joe Biden dropping out of the race and Democrats uniting around Vice President Kamala Harris as the Democratic nominee last month, shaking up the election odds in the process.

Betting market PredictIt currently forecasts a 47% chance of a Trump win, down from 69% in mid-July after a failed assassination attempt on the former president.

In the weeks since its mid-July surge of $40.58, Trump Media has lost 51% of its value amid falling odds of a win for the Republican presidential nominee.

The shares also saw swift declines following Trump’s return to X, a Truth Social competitor, earlier this month ahead of an interview with the platform’s CEO Elon Musk. The stock dropped 5% the day after he made his first post on the platform in three years.

Investors are also likely feeling skittish ahead of the expiration of a lock-up agreement that could allow Trump and other company insiders to start selling shares. The agreement could expire as early as September 20.

The former president has a nearly 60% stake in the company, amounting to over $2.2 billion and accounting for over half his net-worth, according to data from Forbes.

Read the original article on Business Insider