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<p class="has-drop-cap">Trump Media &amp; Technology Group Corp. (DJT) experienced a significant drop in its stock price on Monday, with shares falling 11.04% to $36.11 as of 12:39 PM EDT. <br><br>The decline followed a <a href="https://qz.com/trump-media-djt-shares-stock-drop-1851391533" target="_blank" aria-label="12% decrease (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">12% decrease</a> the previous Friday, marking a sharp reversal from the stock’s nearly $80 peak two weeks earlier. Despite the recent downturn, investor interest remained high, with <a href="https://tokenist.com/investing/stock-volume/" rel="dofollow" class="deco-link">trading volume</a> reaching 5,222,386 shares, slightly below the average volume of 6,345,752.</p> 
<h3 id="dwac-djt-faces-several-legal-challenges-and-investigations">DWAC/DJT Faces Several Legal Challenges and Investigations</h3> 
<p>The company, which <a href="https://tokenist.com/trump-linked-spacs-stock-up-60-in-last-5-days-as-iowa-win-boosts-confidence/" rel="dofollow" class="deco-link">merged</a> with the Digital World Acquisition Corp. (DWAC) SPAC, has faced various legal challenges and investigations.&nbsp;</p> 
<p>The Securities and Exchange Commission (SEC) has been <a href="https://www.pymnts.com/cpi-posts/us-regulators-probe-trump-social-media-deal/" target="_blank" aria-label="probing (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">probing</a> the merger, and a former DWAC board member has been charged with insider trading in connection with the deal. Additionally, Patrick Orlando, DWAC’s first chairman and CEO, is facing lawsuits over alleged false public statements regarding the merger, resulting in an <a href="https://www.nytimes.com/2023/07/20/business/trumps-media-settlement-sec.html" target="_blank" aria-label="$18 million (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">$18 million</a> penalty from the SEC.</p> 
<p>Further complicating matters, DWAC is engaged in a <a href="https://www.bloomberg.com/news/articles/2024-04-08/why-trump-s-social-media-company-is-facing-lots-of-lawsuits" target="_blank" aria-label="legal battle with its sponsor (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">legal battle with its sponsor</a>, ARC Global, and Orlando over the conversion rates of founders’ shares.<br><br>ARC Global has filed a countersuit in Delaware, arguing for a higher conversion rate that could increase its stake value by nearly 33%. Meanwhile, Trump Media co-founders Andy Litinsky and Wes Moss are suing the company, claiming that Trump plans to dilute their 8.6% stake. Trump has countered with his own lawsuit, alleging that the co-founders do not deserve their stake.</p> 
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<h3 id="djt-s-insider-trading-scandal">DJT’s Insider Trading Scandal</h3> 
<p>The company has also been embroiled in an <a href="https://www.reuters.com/business/media-telecom/investor-company-that-took-trump-media-public-pleads-guilty-insider-trading-2024-04-03/" target="_blank" aria-label="insider trading scandal (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">insider trading scandal</a>. Bruce Garelick and Miami investors Michael and Gerald Shvartsman were charged with illegal trading related to the DWAC and Trump Media merger. The Shvartsmans have pleaded guilty, admitting to making over $22 million through their illicit activities.</p> 
<p>Despite the various legal challenges and the recent stock price decline, Trump Media &amp; Technology Group Corp. continues to attract significant investor attention. The stock’s 52-week range, spanning from $12.40 to $79.38, underscores the potential for the stock’s volatility.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><strong><em>Can DJT recover and get back to its IPO valuation? Let us know in the comments below.</em></strong></p> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/trump-media-technology-group-djt-stock-tumbles-amid-legal-troubles/">Trump Media &amp; Technology Group (DJT) Stock Tumbles Amid Legal Troubles</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Trump Media & Technology Group (DJT) Stock Tumbles Amid Legal Troubles

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