Trump Media Spirals as 37% Dive From Debut Close Erases Billions

Trump Media & Technology Group Corp. has wiped out some $2.8 billion in value as some of the retail traders who frantically bid up the stock last month began to sell.

The social media company that’s mostly owned by former president Donald Trump has slumped 37% from its close on March 26. The stock fell below the level it was trading at on March 22, when investors approved its tie-up with the blank-check firm, Digital World Acquisition Corp.

Trump Media, which owns Truth Social, had soared in its first days as a public company after the ...