Trading in Trump Media & Technology Group shares was briefly halted Tuesday afternoon following a dramatic drop that erased strong gains recorded earlier in the day, marking the latest volatile movement for former President Donald Trump’s social media firm.
Trump media shares were up more than 13% at one point Tuesday. (Photo by Scott Olson/Getty Images)
Trump Media, the parent company of Truth Social, experienced a five-minute trading halt as the company’s stock dropped around 6%, according to CNBC, with shares plummeting even further after the freeze.
Trump Media shares were down more than 14% at $25.64 as of 3:40 p.m. EDT, a far cry from the gains it recorded earlier Tuesday, when it was trading up more than 13%.
It is unclear what provoked the drop in shares, which occurred more than an hour after Trump participated in an interview with Bloomberg at the Economic Club of Chicago, where he defended his tariff-centric policies.
Trump’s estimated net worth is down nearly $406 million at $5.1 billion as of Tuesday afternoon, though it is still up significantly from about a month ago, when it reached $3.9 billion after he declared he would not sell shares in Trump Media.
This is a developing story. Check back for updates.