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More Losses Could Be Ahead for Trump’s Meme Stock

The Truth Social stock has breached support and could head lower. 

DJT – Daily Chart

DJT – Daily Chart 

The DJT stock tested the support at $32 but failed and could see sharp losses. 

Shares of Trump Media sank 15% by mid-afternoon on Monday, building on last week’s 20% loss for the trading vehicle linked to Trump’s Truth Social platform. 

The Monday selloff was triggered by Trump Media’s decision to release up to 146 million new common shares and another 21 million in warrants, a move that will dilute the stock price. 

Depending on the size of the potential stock offering, Trump’s 58% equity stake in Trump Media could potentially be reduced to below 30%. 

The listing of Trump Media overlapped with the presumptive 2024 presidential nominee’s Presidential run. The decline in the stock price is a headache for the potential President. 

However, the stock action is reminiscent of the meme stock mania of 2021, and the recent bull market is under pressure.

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