Trump Media plummets 22%, cutting into DJT rally days before election

Shares of Trump Media dropped more than 22% Wednesday, pouring cold water on a remarkable rally that added billions of dollars to former President Donald Trump's on-paper net worth in the run-up to the 2024 election.

DJT stock, which closed at $51.51 per share on Tuesday, was trading under $40 around noon ET Wednesday.

Trump, the Republican presidential nominee, owns nearly 57% of the company, according to recent regulatory filings.

His stake as of midday Wednesday was worth around $4.5 billion — nearly $1.4 billion lower than where it stood Tuesday afternoon.

Trump has vowed not to sell his shares.

This is developing news. Please check back for updates.