By Chibuike Oguh
NEW YORK (Reuters) – Shares of Trump Media & Technology Group, majority-owned by former U.S. President Donald Trump, fell to record lows on Tuesday following the Republican presidential nominee's recent return to rival social media platform X.
Trump Media shares fell to $21.33, down more than 4%. The stock dropped 1.8% to $21.84, on track for its eighth straight day of losses.
Trump's shrinking lead in polls and election betting markets in recent weeks has also weighed on stocks, which some retail traders have seen as a bet on whether Trump would win a second term.
The stock had hit an all-time high of $79.38 during its Nasdaq debut on March 26 following a merger with blank-check company Digital World Acquisition Corp.
Earlier this month, Trump Media, whose main asset is the Truth Social app, reported a quarterly loss of $16.4 million on revenue of just $837,000. The company has a market value of about $4.3 billion, down from more than $8 billion at the start of this year.
Trump began posting on the X platform last week for the first time in nearly a year, coinciding with an interview with owner Elon Musk.
In recent weeks, Trump has lost his considerable lead in the polls over Vice President Kamala Harris, the Democratic nominee.
With 78 days until the Nov. 5 vote, contracts for a Harris victory are trading at 56 cents, with a potential payout of $1, on political betting platform PredictIt.
Trump's contracts are trading at 46 cents, down from 69 cents in mid-July.
(Reporting by Chibuike Oguh in New York)