Trump Media shares sink 13% as DJT slide accelerates

A weekslong sell-off of Trump Media picked up speed Thursday afternoon, with shares of former President Donald Trump's company falling around 13% in another volatile trading session.

The company behind the conservative social media app Truth Social, which appears on the Nasdaq as DJT, was trading at around $27.50 per share at midday.

That price is more than 40% lower than it stood at the start of June, when Trump Media stock cost just over $49 a share.

The company's declining price comes during a period of massive trading activity. More than 8.3 million shares of Trump Media had already changed hands as of noon ET on Thursday, a figure that is more than double its average volume and highly unusual for a company that generates very little revenue.

The stock's slide also represents a massive on-paper loss for Trump, the majority owner of Trump Media.

Trump's 114,750,000 shares in the company, worth more than $5.6 billion at the beginning of the month, would be worth around $3.2 billion based on Thursday's stock moves.

Trump Media has been in a slump since May 30, when a New York jury convicted the former president and presumptive Republican presidential nominee on 34 felony counts of falsifying business records.

That downward trend accelerated Tuesday, dovetailing with a company deadline related to the Securities and Exchange Commission's expected approval of its registration statement.

The stock fell nearly 10% in Tuesday's session, on more than double the average trading volume. After the bell, Trump Media revealed that the SEC had declared its registration statement effective. The stock plunged more than 17% in post-market trading following the announcement.

The development authorized early investors in Trump Media to