Trump Media stock closes down more than 8.4% to open the trading week

The share price of Trump Media stock closed at $37.17 Monday, an 8.43% drop, leaving its market capitalization hovering just above $5 billion.

DJT‘s bleak start to the trading week on the Nasdaq stock exchange came on the heels of a 12% decline in its share price on Friday.

Trump Media, which owns the Truth Social app used by its biggest shareholder, former President Donald Trump, had a high price of nearly $80 two weeks ago after it began trading as a publicly held company.

But it has slumped since then. At times on Monday, the stock’s price was down 10% or more.

Trump Media’s market cap, which had hit around $8.4 billion after it began trading in late March, ended Monday at $5.08 billion.

Trump personally owns 78.75 million shares of its stock, which was worth about $2.93 billion at Monday’s close, on paper at least.

The presumptive Republican presidential nominee is currently barred for six months from selling his shares under the terms of a merger agreement that took the company public, but its board has the power to lift that lock-up provision.

Trump stands to receive another 36 million shares of DJT if the stock hits certain share price benchmarks over the next three years.