Shares of Trump Media & Technology Group Corp (NASDAQ:DJT) have taken a nosedive, wiping out all gains since the company’s public debut. The stock’s value dropped by an additional 11% on Monday, leaving investors and market analysts scratching their heads.

What Happened: Trump Media’s stock, traded under the ticker DJT, was valued at approximately $36 on Monday afternoon, a significant drop from its high of $66 on Mar. 27, reported NBC News.

Ihor Dusaniwsky, managing director at S3 Partners, suggests that a large part of the trading activity is due to investors positioning bets on whether the stock will continue to plummet, a practice known as short-selling.

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Former President Donald Trump, the company’s majority shareholder, has experienced fluctuations in his net worth that align with the stock’s price. However, he is legally prohibited from selling or borrowing against his shares for a period of six months.

Despite the company’s losses of $58.2 million last year and a “going concern” notice from its auditor, CEO Devin Nunes remains optimistic about the company’s future, emphasizing that Truth Social has no debt and over $200 million in the bank.

Price Action: As of writing this article, DJT is trading at $37.17, down 8.43% in the last 24 hours. Earlier on Monday at 10:00 AM, the stock had dropped to $35.82. After-hours trading saw a slight increase to $37.26, up 0.24%. The stock is up by a remarkable 113.01% year-to-date, according to data from Benzinga Pro.

This was followed by a judge rejecting Donald Trump’s challenge to a Georgia 2020 election case on free speech grounds.

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