Trading in Trump Media & Technology Group shares was halted multiple times again on Thursday as the company’s stock price dropped, erasing more than $500 million from former President Donald Trump’s net worth amid volatile movement for the Truth Social parent.
Shares of the Truth Social parent have surged this month before a recent selloff.
Nasdaq halted trading for Trump Media for five minutes starting at 9:53 a.m. EDT and again at 10:04 a.m., citing an increase in volatile trading for the stock.
Shares of Trump Media briefly increased by 4.5% as trading opened Thursday before decreasing by as much as 20.7%, and the stock has recovered to a nearly 11% drop as of around 11:30 a.m.
Trump Media’s stock eclipsed a 30-day average trading volume of 35.1 million shares by 10 a.m., and more than 65.5 million shares have been exchanged by 11:15 a.m., according to Nasdaq.
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238%. That’s how much the value of Trump Media’s stock increased between Oct. 1 and Tuesday. Shares have since decreased by 35%, ending a dayslong rally for Trump Media that sent the stock to a high of $54.68, the highest level for the stock since April 1.
The value of Trump’s roughly 57% stake in Trump Media—totaling 114.75 million shares—decreased from $4.5 billion Wednesday to just over $4 billion, bringing his net worth down to $6 billion, according to our estimates. Earlier this week, Trump’s fortune briefly surpassed the $8 billion threshold for the first time since the company went public in March.
Trading in Trump Media has been halted multiple times this month amid a recent increase in volatility. Nasdaq halted trading for the stock five times on Tuesday as shares surged before plummeting, later rebounding a gain on the day. Trump Media’s shares were also briefly blocked earlier this month after shares traded up more than 13% before falling by more than 14%. A recent rally for Trump Media appears to be impacted by election odds swinging in favor of Trump in the presidential election.