In the weeks before last fall’s election, shares of Trump Media & Technology Group spiked as traders bet Donald Trump would return to the White House and make Truth Social the platform for presidential communications.

Trump Media Stock is back to its starting point once again. Virtually all the gains are gone from the pre-merger January 2024 announcement low of about $17.50. The stock has tested that level twice: last September when selling lockups expired, and this April when tariff worries peaked. But the current drop is different.

Trump Media and Technology Group (DJT) surged in early trading on Monday, June 23 following the announcement of a $400 million share repurchase authorization, though shares closed roughly flat. The operator of Truth Social,