A closer look at DJT as the stock continues to tumble
At the end of the trading day on Wednesday September 4, 2024 DJT stock has initially closed down another $1.10 to fall below $17.00 at $16.98 per share. Interesting as different threads have been noting the drop since the stock closed just four weeks ago at $25.72. That represents a dop of a fraction under 34% in only 19 trading days. I thought I would dig a little deeper into the company.
Trump Media & Technology Group Corp. develops a social media platform known as Trust Social that offers social networking services in the United States, founded in 2021, based in Sarasota, Florida.
Key Executives
CEO, President & Chairman: Devin G. Nunes, pay $750,000 per year (also held promissory notes converted to 625,000 shares) (Was eligible for pay increase to $1,000,000 May 10, 2024)
CFO & Treasurer: Phillip Juhan, pay $337,500 per year (also held promissory notes converted to 490,000 shares)
Chief Operating Officer: Andrew Northwall, pay $365,000 per year (also held promissory notes converted to 20,000 shares)
Chief Technology Officer: Vladimir Novachki, pay N/A (held 45,000 shares when trading began March 25, 2024)
General Counsel & Secretary: Scott Glabe, pay N/A (held 153,153 shares when trading began March 25, 2024)
Chief Product Officer: Sandro De Moraes, pay N/A (held 20,000 shares when trading began March 25, 2024)
Board of Directors
Devin Nunes, President, CEO and Director
Eric S Swider, Director
Donald J. Trump, Director 78,750,000 shares (Additional 36,000,000 shares potentially in earnout shares over three years)
Kashyap Patel, Director (Received compensation of $130,000 in 2023)
W. Kyle Green, Independent Director
Robert Lighthizer, Independent Director
Linda McMahon, Independent Director
67.83% of all shares outstanding are held by insiders (approximately 57% of that by Donald Trump)
Shares Sold by Insiders
Scott Glabe, General Counsel August 21, 2024 sold 15,917 shares (apx. $363,700)
Phillip Juhan, CFO August 21, 2024 sold 405,059 shares (apx. $9,255,600)
Andrew Northwall, COO August 21, 2024 sold 16,522 shares (apx. $377,500)
Vladimir Novachki, CTO August 21, 2024 sold 37,199 shares (apx. $850,000)
Devin Nunes, CEO August 21, 2024 sold 87,154 shares (apx. $1,991,500)
Share price at close on Tuesday September 3, 2024 $18.08
Opening price 9/4/2024 $17.90
Range today $16.99 - $18.23
52-week range $14.32 (pre-merged trade) - $79.38
Market Capitalization $3.405 billion
Earnings per share <$0.42> per share — note the brackets indicate a negative number.
Total shares outstanding 200.16 million shares
The top institutional holders of DJT shares are listed below, those that purchased on June 29, 2024 have lost approximately 49% of their investment although it is possible they hedged the purchase with put options or a similar strategy. Because DJT stock was added to the Russell 1000 and Russell 3000 index, there are a number of financial institutions that were required to purchase shares for their Exchange Traded Funds (ETF)
Top Institutional Holders
|
Holder
|
Shares
|
Date Reported
|
% Out
|
Value
|
|
Vanguard Group Inc
|
2,879,880
|
Jun 29, 2024
|
1.44%
|
48,900,361
|
|
Blackrock Inc.
|
2,184,153
|
Jun 29, 2024
|
1.09%
|
37,086,916
|
|
Susquehanna International Group, LLP
|
1,055,344
|
Jun 29, 2024
|
0.53%
|
17,919,740
|
|
Geode Capital Management, LLC
|
941,820
|
Jun 29, 2024
|
0.47%
|
15,992,103
|
|
Citadel Advisors Llc
|
556,054
|
Jun 29, 2024
|
0.28%
|
9,441,796
|
|
State Street Corporation
|
440,164
|
Jun 29, 2024
|
0.22%
|
7,473,984
|
|
Greenwich Wealth Management Llc
|
353,500
|
Jun 29, 2024
|
0.18%
|
6,002,429
|
|
Group One Trading, L.P.
|
340,043
|
Jun 29, 2024
|
0.17%
|
5,773,929
|
|
Charles Schwab Investment Management, Inc.
|
265,871
|
Jun 29, 2024
|
0.13%
|
4,514,489
|
|
Jane Street Group, LLC
|
264,249
|
Jun 29, 2024
|
0.13%
|
4,486,947
|
Top Mutual Fund Holders
|
Holder
|
Shares
|
Date Reported
|
% Out
|
Value
|
|
Vanguard Small-Cap Index Fund
|
686,410
|
Jun 29, 2024
|
0.34%
|
11,655,241
|
|
Fidelity Extended Market Index Fund
|
281,449
|
Jun 29, 2024
|
0.14%
|
4,779,003
|
|
Vanguard Small Cap Value Index Fund
|
230,804
|
Jun 29, 2024
|
0.12%
|
3,919,051
|
|
iShares Russell Midcap Growth ETF
|
193,840
|
Jul 30, 2024
|
0.10%
|
3,291,403
|
|
Vanguard Small-Cap Growth Index Fund
|
193,635
|
Jun 29, 2024
|
0.10%
|
3,287,922
|
|
iShares Russell Midcap ETF
|
180,556
|
Jul 30, 2024
|
0.09%
|
3,065,840
|
|
Fidelity Mid Cap Index Fd
|
182,340
|
Jul 30, 2024
|
0.09%
|
3,096,133
|
|
iShares Russell 1000 Growth ETF
|
128,933
|
Jul 30, 2024
|
0.06%
|
2,189,282
|
|
Fidelity NASDAQ Composite Index Fund
|
105,223
|
Jun 29, 2024
|
0.05%
|
1,786,686
|
|
iShares U.S. Technology ETF
|
99,448
|
Jul 30, 2024
|
0.05%
|
1,688,626
|
