While the Dow surged, Trump Media sank to a record low, and no company announcement explained why. Behind the selloff sits a Bitcoin stockpile, a pending fusion merger, and a bet on what investors will pay for presidential ties.

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Shares of Trump Media & Technology Group (NASDAQ:DJT) closed at $4.49 on November 4, 2026, down $1.46, or 24.54%, from the $5.95 close on November 3. The drop came the day after Democrats won control of Congress, erasing about $406 million in market value in one session.

Volume reached 22,057,130 shares, about five times the 4,388,036 traded the day before. Sellers drove the stock from a $5.37 open and $5.59 peak to $4.46; the after-hours recovery was just 1.11%, to $4.54 by 7:59 p.m. ET.

The close and the intraday low are both the lowest in daily data covering DJT and its predecessor, Digital World Acquisition Corp., going back to November 4, 2021. The Dow Jones Industrial Average rose 3.03% that same day, so the selling targeted Trump-linked assets while the broader market rallied. If you own the shares, the question is how much of Trump Media’s value depends on what investors will pay for its ties to the president, and how a new Congress likely changes that.

Why Traders Dumped Trump-Linked Assets

Trump Media issued no press release explaining the decline. Investors appeared worried about what the election results mean for businesses tied to the president’s family.

Rep. Robert Garcia of California, who is next in line to lead House Oversight, posted “LAWYER UP” on the night of November 3. Democrats have said for months that they plan to investigate the family’s business transactions, and the White House says the president’s ventures create no conflicts of interest.

No subpoena or investigation targeting Trump Media has emerged, and other factors may be at play. The Official Trump (CRYPTO:TRUMP) meme coin fell from about $1.58 on November 3 to an all-time low of $1.23 by midday November 4. That is a long way from its $74 peak. World Liberty Financial (CRYPTO:WLFI) slipped from about 5.1 cents to about 4.7 cents.

DJT’s Record Low Capped a Long Slide

The close fell below the October 30 records of $5.59 at the close and $5.40 intraday. It was also the worst day since the stock began trading as DJT, exceeding the 22.97% drop on November 7, 2024.

The decline started well before the vote. The stock now sits about 66.1% below its $13.24 close at the end of 2025 and about 93.2% below its $66.22 closing high from March 27, 2024.

A Form 4 signed by Donald Trump Jr. as sole trustee lists 114,750,000 shares held in the Donald J. Trump Revocable Trust, which comes to about 41% of the company. The paper value of that stake fell from about $683 million to about $515 million, and no sale has been reported.

What Your DJT Shares Actually Hold

Second-quarter revenue was about $1.7 million, set against a $238 million net loss that came mostly from non-cash marks on its Bitcoin (CRYPTO:BTC) holdings. As of June 30, the company held about 9,477 Bitcoin directly, about 2,077 more pledged to a yield program and about 14.4 million shares of iShares Bitcoin Trust (NASDAQ:IBIT). It bought 2,534 more Bitcoin in July, held about $215 million in cash and $209 million in short-term investments, and owed nearly $1 billion in convertible notes. Those June 30 holdings mean the $1.25 billion market value prices a Bitcoin treasury plus a premium tied to political view.

The proposed merger with TAE Technologies, a private fusion-energy company, had its S-4 registration filed on September 30, 2026. Management is aiming to close by the end of 2026, but the deal still needs shareholder and regulatory approval. A Congress focused on the family’s businesses adds execution risk.

What DJT’s November 9 Earnings Report Could Reveal

The political premium that supported the shares appears to be fading, and the media business is likely far too small to replace it, while DJT also carries political, dilution, and merger risk that a spot Bitcoin fund does not.

Third-quarter results arrive after the close on November 9, 2026. What matters most is the size of the Bitcoin marks, the cash burn, a firm merger timeline, and any sign of real revenue growth. This view would likely change if DJT closes back above $5.59 after that report and stays there, because that would show buyers paying for something beyond politics.

Contact [email protected] for any questions or corrections.

Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.