WASHINGTON — There have been lawsuits, short-selling and rampant speculation. Now, as Trump Media & Technology Group approaches its first month as a publicly traded company, it’s clear that — like the man it’s named after — there’s nothing typical about the stock.
The stock started to trend down, but not without near-daily rises and falls on heavy trading volume. The trading has largely been driven by individual investors whom Trump Media's CEO Devin Nunes described as believing “in our mission to create a free-speech beachhead against Big Tech.” Trump Media's prospects are unclear, despite optimistic statements from Trump and its executives. Nunes said last week that the company's "financial position is very strong, particularly for a start-up tech firm at this initial stage of growth."
They "are thinking he’ll figure something out, he’s always done that,” said John Rekenthaler, vice president of research for Morningstar Research Services. “And it’s true, he always lands on his feet. But the people who invest with him, they don’t always land on their feet.” SEC filings also warn that Trump is facing legal trouble that could jeopardize the company's stability. A New York judge issued aagainst Trump after concluding that he and others had deceived banks and insurers by exaggerating their wealth on financial statements.falsifying business records