The price of Trump Media shares fell below $30 in early trading Friday morning, which is more than $40 lower than what its shares first sold for when the social media company began public trading on March 26.
The shares of Trump Media, which owns the Truth Social app, have dropped by more than 47% month-to-date, wiping out billions of dollars in the company's market capitalization.
Trump Media last year had revenue of just $4.1 million, and reported a net loss of $58 million.
A week ago, traders who wanted short Trump Media shares had to pay up to 900% in annual financing costs, meaning they would need a then-$30-per share drop within a month to break even on their trade, Dusaniwsky said.
Since then, however, financing costs for short trades in Trump Media had sharply fallen, to 200%.
Persons:
DJT, Donald Trump, Stormy Daniels, Ihor Dusaniwsky, Dusaniwsky
Organizations:
Trump Media, Trump, Partners
Locations:
Manhattan, DJT