New York -CNN
Investors in Trump Media & Technology Group's stock are throwing in the towel.
Shares of TMTG (DJT) tumbled 11% Tuesday after closing 18% lower Monday. Driving the stock lower Tuesday: The company's premier product, Truth Social, announced a major expansion into streaming, a notoriously cost-intensive business in which media behemoths like Disney have struggled to turn a profit.
TMTG's stock, majority-owned by former President Donald Trump, is down 70% from the all-time high it set on March 26, the day after it merged with a blank-check acquisition company to go public. Although the company is still worth billions of dollars, it is struggling to make money and desperate for cash. Experts have warned investors to be careful if they choose to trade the stock, because the company doesn't have the fundamentals to back up its sky-high valuation.
Trump Media lost $58 million in 2023 and made just $4.1 million in revenue. So, it announced Monday it would sell 21.5 million more shares to the public to raise cash " even though that would dilute the value for existing shareholders.
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