In October 2021, Republican Representative Marjorie Taylor Greene decided to, so to speak, put her money where her mouth is and also back former President Donald Trump with a major investment in his Trump Media (NASDAQ: DJT).
At the time it was first disclosed, the total investment was reported as worth between $15,000 and $50,000, and on the day, DJT shares opened at $118.80 and closed at around $67.
Assuming that Marjorie Taylor Greene made the purchase at a middle-of-the-road price and that she invested the upper reported value of $50,000, she would have purchased approximately 600 shares. Had it been $15,000, she would have purchased up to 200 shares.
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Since Trump Media’s stock price today, at press time, stands at $23.54, the congresswoman’s investment is worth between approximately $4,700 and about $14,000, meaning she has lost up to $46,000 by buying DJT.
What is next for DJT stock in 2024?
Though DJT started the year strong and is, indeed, nearly 35% in the green in the year-to-date (YTD) chart, recent trading has seen the shares do little other than decline. Indeed, Trump Media had only 10 green days in the stock market out of the last 30 and is down 41.97% in the same time frame.
Technical analysis (TA) based on the market’s closing on August 13 also revealed that the downside is likely to continue as DJT formed its first-ever death cross.
A death cross is a chart pattern that forms when a short-term moving average (MA) crosses below a long-term moving average and usually signals weakness ahead for the relevant asset.
The lack of investor confidence in Trump Media can also be attributed to the recent earnings report, which was both weak and bereft of an earnings call. It is also seen in the rise of short interest, which rose nearly 60% between late June and late July from 5,219,586 to 8,282,108 shares.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
