Key takeaways
- DJT stock has fallen nearly 70% in 2026
- Outside investors face estimated $2.2 billion cumulative losses
- Trump's remaining stake retains approximately $460 million value
Trump Media & Technology Group (DJT) shares have plunged nearly 70% in 2026, leaving outside investors with an estimated $2.2 billion in cumulative losses while President Donald Trump's ownership stake remains worth approximately $460 million.
DJT closed November 6 at $3.99, down 69.9% year-to-date and 29.5% over the previous five trading sessions. An independent analysis published Friday estimated that outside shareholders had accumulated more than $2.2 billion in mark-to-market losses from shares issued and sold since 2021.
The estimate draws on public securities filings, issuance prices and share buybacks, but individual investors' realized trading results cannot be established from those records. Trump Media disputes the calculation, arguing that it does not accurately represent shareholder transactions or market conditions.
Trump Retains $460 Million Stake as DJT Stock Collapses
According to the company's SEC disclosures, Trump Media has repeatedly raised capital and expanded into cryptocurrency investments despite limited revenue from its original social media business.
Trump's 114.75 million shares, received without a personal cash payment during the company's 2024 merger with Digital World Acquisition Corp., were valued at approximately $458 million at Friday's closing price.
That is substantially below the stake's former paper value of more than $6 billion, but it remains significant compared with the losses estimated for outside shareholders.
The stock's decline accelerated after the November 3 midterm elections. DJT fell 24.5% on November 4 and another 10.5% on November 5, before slipping 0.75% on Friday.
Truth Social Revenue Struggles as Crypto Investments Lose Value
Trump Media's financial results help explain why investors are questioning its valuation.
The company's second-quarter revenue reached approximately $1.67 million, compared with $883,000 a year earlier. However, it reported a net loss of approximately $238 million, including substantial unrealized losses associated with cryptocurrency investments.
The company expanded its Bitcoin treasury during 2026, increasing its exposure to volatile digital assets even as its social media operations generated relatively little revenue.
Its Truth+ streaming platform also required substantial investment without producing comparable sales. The service reportedly generated approximately $630,000 in cumulative revenue through June 2026 despite development spending exceeding $200 million.
The contrast between operating performance and market valuation has remained visible throughout the company's broader stock decline.
$6 Billion Fusion Merger Offers Another Potential Turning Point
Trump Media is now pursuing a major strategic transformation through its proposed merger with nuclear fusion developer TAE Technologies.
In a November 5 announcement, the companies confirmed that the SEC had declared their merger registration statement effective, advancing a transaction originally valued above $6 billion.
The proposed all-stock combination would give existing Trump Media and TAE shareholders approximately equal ownership of the combined company on a fully diluted basis. A shareholder vote is scheduled for December 14, although completion remains conditional.
The transaction comes as Trump Media has already reconsidered parts of its cryptocurrency strategy.
