As of November 2025, Trump Media The stock has collapsed to levels not seen since its 2021 SPAC merger announcement, triggering widespread concern on Wall Street. The company’s market capitalization has declined dramatically as the stock has fallen nearly 70% year-to-date.
Retail investors who placed significant bets on the Truth Social platform now find their portfolios worth a fraction of their initial investments. The situation poses challenging questions about the future viability of the media venture.
Wealth Evaporation
The Trump family has witnessed a loss of over $5 billion tied to DJT shares between May 2024 and November 2025, with November marking a 34.6% monthly decline. President Trump indirectly owns approximately 115 million shares held in a trust controlled by his son, Donald Trump Jr.
Financial analysts have categorized the stock as one of the worst-performing media assets of 2025. This drastic drop reflects the unique pressures facing Trump Media as it competes in a crowded marketplace.
SPAC Origins
Trump Media emerged from a merger with Digital World Acquisition Corp. (DWAC) announced in October 2021, aiming to launch Truth Social as an alternative social media platform. The deal completed its public debut on March 26, 2024.
Initial enthusiasm propelled shares to a peak of $56.55 on May 13, 2024, as retail investors eagerly invested in the venture. Many investors viewed the investment as supporting both a political mission and a financial opportunity.
Mounting Pressures
Throughout 2024 and into 2025, Trump Media contended with significant challenges. Competition from Elon Musk’s X platform intensified, while traditional advertisers remained hesitant to support the politically charged Truth Social platform.
By summer 2025, quarterly earnings reports showed revenue figures barely covering operational expenses, prompting analyst downgrades. These convergent pressures sent warning signals throughout the financial sector.
The All-Time Low
On November 18, 2025, Trump Media’s stock reached an intraday low of $10.32, the weakest level since the October 2021 SPAC merger announcement. Three days later, on November 21, shares hit $10.18, establishing a new all-time closing low.
This represented an 82% decline from the May 2024 peak of $56.55. The collapse has sparked significant alarm among investors regarding the stock’s trajectory.
Family Wealth Impact
At the May 2024 peak, Trump family holdings in Trump Media were valued at $6.5 billion (approximately 115 million shares at $56.55 per share).
At current prices around $10.76, those holdings are worth roughly $1.24 billion, representing the $5.3 billion wealth loss cited in reporting. Don Jr., who controls the trust containing these shares, also serves on Trump Media’s board.
Investor Losses
Published financial news accounts have documented significant losses among retail investors. Many middle-class Americans who purchased shares at higher prices some at $47 or above now hold positions worth a fraction of their initial investment.
Investors cited political loyalty and support for an alternative social media platform as key factors in their investment decisions.
Competitor Contrast
While Trump Media’s stock faced catastrophic declines, Meta Platforms
maintained stable valuations during November 2025, with reporting suggesting gains during the period.
Companies such as X (formerly Twitter, Snap Inc., and Pinterest) also outperformed DJT significantly. This divergence suggests company-specific challenges rather than a broader downturn affecting all media stocks.
Crypto Market Impact
The broader cryptocurrency market collapsed during the same period, with Bitcoin dropping below $90,000 for the first time in seven months on November 18, 2025.
Ethereum and Solana also experienced double-digit percentage declines within a week. This crypto downturn added pressure on risk assets across tech and media sectors.
Bitcoin Treasury Strategy
Trump Media announced a “Bitcoin Treasury Plan” in July 2024 and subsequently purchased approximately $2 billion in Bitcoin and Bitcoin-related securities, representing about two-thirds of the company’s liquid assets at the time.
CEO Devin Nunes stated the strategy would “help ensure our Company’s financial freedom, help protect us against discrimination by financial institutions.” With Bitcoin’s decline from its 2024 high, this position has likely experienced significant losses.
Public Sentiment Shifts
The public’s perception of Trump Media has shifted as the stock price declined. Once celebrated by supporters as an alternative to mainstream social media platforms, Truth Social now faces increased skepticism regarding its business model and revenue sustainability.
This sentiment shift reflects broader divisions about how political loyalty and financial performance intersect in investment decisions.
Political Context
White House Press Secretary Karoline Leavitt stated in November 2025: “Neither the President nor his family has ever engaged, or will ever engage, in conflicts of interest.”
However, separate Trump Organization crypto ventures generated over $800 million in digital asset sales during the first half of 2025, according to reporting, creating contrasting narratives between the family’s struggling Trump Media stake and their thriving separate crypto businesses.
Analyst Outlook
Market analysts have provided mixed assessments of Trump Media’s prospects. Some predict further declines due to existing vulnerabilities in the business model and competitive landscape.
Current concerns center on Truth Social’s limited advertising appeal and user engagement metrics compared to established platforms. Recovery would require significant strategic changes or shifts in market conditions.
Legacy Media Resilience
Traditional media companies have demonstrated resilience in comparison to Trump Media’s struggles, highlighting how brand trust and advertising relationships influence market valuations.
Established media entities continue to capitalize on their credibility and long-term advertiser relationships, while Trump Media navigates challenges in building sustainable revenue streams.
User Engagement Challenges
Truth Social’s engagement metrics have not met investor expectations, with the platform reporting approximately 5 million monthly active users compared to X’s 500 million and Facebook’s 3 billion.
This user gap directly impacts the platform’s ability to attract advertisers and generate sustainable revenue.
Leadership Accountability
Trump Media’s executive team faces questions from investors and analysts regarding strategic decisions, including the timing and size of the Bitcoin allocation, as well as the marketing approach to Truth Social.
Clear communication regarding decision-making processes and strategic pivots will be essential for rebuilding investor confidence.
Recovery Uncertainty
The immediate future for Trump Media remains uncertain. The company faces considerable challenges in user growth, advertiser acquisition, and competitive positioning.
Any recovery will likely depend on strategic pivots or significant shifts in the broader market environment affecting both Trump Media specifically and risk assets generally.
Broader Market Implications
Trump Media’s collapse has highlighted questions about SPAC-era valuations and the risks of investing based on brand affinity rather than fundamental business metrics.
The stock’s 82% decline from its May 2024 peak has prompted discussion among market observers about appropriate valuation standards for companies with limited revenue and contested business models.
Media Stock Decline
Trump Media’s stock price declined from $56.55 in May 2024 to $10.18-$10.76 in November 2025, representing one of the most significant recent collapses among media companies.
The $5.3 billion loss in Trump family wealth reflects both the company’s operational challenges and the broader downturn in the cryptocurrency market. In the future, investors and market observers will closely monitor whether Trump Media can execute a strategic turnaround or whether the decline continues.