Trump Media stock was one of the clearest Trump trades going into the election. But since Nov. 6, the stock has fallen about 20% while the S&P 500 has risen 2%. The volatile stock was moving little in the premarket Thursday,

There’s been strong volume for the closely watched Trump Media & Technology stock, but no big pops after Election Day.

Donald Trump’s social-media company doesn’t earn very much money, but that hasn’t stopped investors from buying up the stock in droves. Trump Media & Technology Group Corp. DJT, parent company of Trump’s social-media platform Truth Social, is valued at $7.8 billion, despite posting only $1 million in revenue in the third quarter.

Shares in Trump Media did not sustain their sudden rise after Donald Trump was declared winner of the 2024 presidential election.

First, the stout $50 barrier once again blocked DJT’s rise. With speculators and short sellers focused on technical indicators, the seemingly impenetrable $50 level was an easy read. Moreover, it dropped further, breaking through the next major barrier, $35.

President-elect Donald Trump has lost nearly $800 million in his own stock since the 2024 election. Trump owns 114.75 million shares of Trump Media & Technology Group (TMTG), according to Reuters. On Election Day,

The president-elect has threatened broadcast licenses and filed lawsuits against some networks. Executives are bracing for possible deal drama.

Truth Social still has paltry revenues and a limited advertising base, and the president-elect’s majority stake raises the potential for conflicts of interest.

The case for DJT always relied on the namesake’s comeback. Now that he’s got it, the share price is floundering.