Donald Trump’s social media platform, Truth Social, experienced its highest trading volume since its public listing on the Nasdaq in late March following a merger with a blank-check company. On a particularly volatile trading day, over 97 million shares changed hands, significantly exceeding the company’s average.
Earlier on Tuesday, DJT shares had risen above 13% before abruptly declining more than 6% when trading was temporarily halted. After the five-minute pause was lifted at 2:47 p.m. ET, shares continued to plummet, ultimately closing down nearly 10%.
The previous record for trading volume occurred on July 15, shortly after Trump survived an assassination attempt during a campaign rally in Pennsylvania. Many of the retail investors in Trump Media are supporters of the former president, buying and selling shares as a means to express their backing or speculate on his election prospects against Democratic nominee Kamala Harris.
Tuesday’s decline marked a reversal of a weeks-long increase in stock price, which had aligned with positive developments in the presidential campaign as seen by his supporters. Online betting markets indicated a shift favoring Trump after weeks of a competitive race, although these betting platforms use different methodologies than traditional polling and are not definitive indicators of electoral outcomes.
According to a regulatory filing from September 5, Trump holds nearly 57% of Trump Media, with his stake valued at approximately $3 billion, making up a significant portion of his reported net worth. Although Trump had declared he would not sell his shares, shortly after the lifting of a lock-up agreement on September 19, another major shareholder, United Atlantic Ventures, sold nearly its entire 11 million share stake.
In a post on Truth Social early Tuesday morning, Trump declared, “I LOVE TRUTH, THE REAL VOICE OF AMERICA!”