TMTG stocks briefly halted as stock plunges

The share price began to slump dramatically, declining from $31.34 to a low of $26.61 just 25 minutes later

Stock in Donald Trump’s media company went on a rollercoaster ride on Tuesday, with officials briefly pausing trading due to volatility, as per a Nasdaq alert.

First, Trump Media & Technology Group, the parent company of Trump’s Truth Social platform, appeared set to continue on its recent hot streak, which saw the share price rise by 18% on Monday and then another nearly 10% on Tuesday morning.

It was a shocking comeback after the stock reached an all-time low just three weeks ago, a rally which temporarily added an estimated $2 billion to the value of the former president’s majority stake in the company.

However, around 2:20pm ET, the share price began to slump dramatically, declining from $31.34 to a low of $26.61 just 25 minutes later. Officials instituted a five-minute pause in trading at 2:42 due to the volatility, according to MarketWatch.

As of Tuesday afternoon, about 15 minutes before the close of the market, shares still hadn’t recovered, trading at just more than $26, less than half of the company’s record price from late March after going public, but still a welcome improvement over when the company hit just $12.15 a share on September 23.

The stock often trades as an unofficial poll on Trump, rather than a sober reflection on the business reality, as per experts. The firm posted a more than $16 million loss in Q2, with revenues of less than $1 million.

This stock has never traded on fundamentals, but is a barometer for both Trump and Trump’s followers, Kristi Marvin, founder of SPACInsider, told The New York Times. And in the same way people can now bet on Trump and the election on sites such as Polymarket, people can also bet on Trump via the stock market.

The resurgent share price, then, may be an indication that Trump supporters are feeling a renewed sense of confidence in the Republican.