Is There Any Hope Left for Trump Media Stock?
Trump Media (NASDAQ: DJT) has burned a lot of investors since it went public by merging with a special purpose acquisition (SPAC) company on March 26. Its stock opened at $70.90 on the first day, but it now trades at about $33.
Trump Media plunged because it was an overvalued meme stock. Even after its three-month decline, the social media company still has a market cap of about $5.9 billion -- which is more than 1,400 times the revenue it generated in 2023. Most investors would probably balk at buying shares of a company sporting such a sky-high valuation, but is there any hope for this controversial and volatile stock?
Image source: Getty Images.
Source Fool.com
