Shares of Truth Social-parent Trump Media & Technology (DJT) sank early Thursday, giving back a double-digit slice of the gains that followed former President Donald Trump’s defeat of Vice President Kamala Harris in the presidential election. Meanwhile, Republicans also retook the Senate and may have the edge in the House of Representatives.

DJT shares ballooned early Wednesday, hitting an intraday high of 45.77, before paring those gains adding 6% to 35.95. Shares tumbled almost 15% early during Thursday’s market session.

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The Trump stock often behaves as a sentiment indicator toward the former president. On Tuesday, the Trump stock declined 1.2% to 33.94, with the Nasdaq halting trade three times due to volatile intraday moves.

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Along with the election result, Trump Media also reported third-quarter earnings and revenue late Tuesday. The social-media platform saw a Q3 loss of 10 cents per diluted share, narrowing from a loss of 30 cents a year ago. Meanwhile, net sales declined to $1 million, down from $1.1 million last year. Trump Media added that it ended the third quarter without debt and with $673 million in cash and investments.

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The company also reported that as of Oct. 15, there were approximately 650,000 shareholders with about 2,100 investors owning more than 5,000 shares and fewer than 1,000 investors owning more than 10,000 shares.

DJT reported in August a quarter of sub-$1 million revenue.

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DJT is among those stocks tracked by the subreddit investor group r/WallStreetBets. Website ApeWisdom showed DJT stock as the the top-trending issue on r/WallStreetBets on the weekend and through Tuesday. It continued to hold the top position early Thursday.

The Donald Trump brand and the value of DJT stock are closely related, as Truth Social launched after X, then called Twitter, shut down Trump’s account following the Jan. 6, 2021, riot at the U.S. Capitol.

The Trump-backed DJT stock skyrocketed 119% in October. Last week, the Nasdaq also halted trading on the shares more than once.

DJT shares hit a short-term high of 46.27 on July 15 following the assassination attempt against the former president. Trump’s lead in the polls peaked soon after, following President Joe Biden’s exit from the 2024 race.

In September, after the presidential debate between Trump and Harris, DJT sank, signaling investor sentiment held that Trump underperformed expectations. Shares hit a low of 11.75 on Sept. 24 but have roared back since then.

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The former president holds a 65% stake in Trump Media, worth around $4 billion based on the current stock price.

The New York Post reported on Friday that “people inside the Trump camp have been speculating for weeks now that Truth Social will at some point, maybe sooner rather than later, get subsumed” by Musk and X.

Trump Media jumped more than 16% on March 26, its first day trading under the DJT ticker, hitting a high of 79.38 intraday. This followed Digital World Acquisition becoming Trump Media & Technology Group after successfully merging with Trump’s tech and social-media platform on March 22. The special purpose acquisition company stock had rallied 35% on the day before the change to “DJT.”

DWAC took Trump Media and Technology Group, or TMTG, public in a reverse merger. After a prolonged battle, DWAC stockholders voted in favor of the special purpose acquisition company’s merger with TMTG. Trump Media is the parent of the conservative social-media platform Truth Social.

DJT shares have advanced about 100% in 2024, but remain about 26% below their price at the time of conversion.

Please follow Kit Norton on X @KitNorton for more coverage.

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