Trump Media Tumbles 24% to Record Low as Democrats Sweep Congress; TRUMP Token Slides
Summary
- Democrats took control of both the House and Senate in the U.S. midterm elections, sending Trump Media shares and TRUMP sharply lower together.
- Trump Media & Technology Group (DJT) closed at $4.49, down about 24.5% from the previous trading day, marking an all-time low.
- The Trump meme coin traded at $1.27 after hitting an all-time low of $1.22, a move Bloomberg said reflected concern over possible Democratic congressional investigations.
Forecast Trend Report by Period
Assets tied to President Donald Trump fell in tandem after Democrats took control of both chambers of Congress in the U.S. midterm elections. Trump Media shares sank to a record low, while the official meme coin TRUMP extended its decline. The prospect of congressional investigations into the president’s family business weighed on investor sentiment.
Yahoo Finance reported on November 4 that Trump Media & Technology Group, the operator of Truth Social that trades under the ticker DJT, closed the regular session at $4.49, down about 24.5% from the previous trading day. The stock fell as low as $4.46 intraday, marking an all-time low.
As of 12:30 p.m. on November 5, the Trump meme coin was trading at about $1.27, according to CoinGecko. Its 24-hour trading range was $1.22 to $1.53. The intraday low of $1.22 was an all-time low based on CoinGecko data.
Bloomberg reported that the simultaneous decline in the two assets reflected concern over possible congressional investigations by Democrats. Before the election, Democrats said they would investigate Trump and his family’s business interests if they won a congressional majority. Rep. Robert Garcia, a Democrat expected to chair the House Oversight Committee, wrote on social media, "Lawyer up," after the vote count came in.
At issue is a potential conflict between the president’s public authority and his private business interests. Trump has faced criticism that he is profiting from crypto assets and businesses bearing his name while in office. The White House has maintained that there is no conflict of interest related to the president’s business activities.
