DJT stock fell by 8.04% on June 5th due to a combination of factors:
- Elon Musk's Opposition to Tax-Cut and Spending Bill: DJT shares fell as a result of Elon Musk's public opposition to President Donald Trump's sweeping tax-cut and spending bill. Musk's criticism of the bill, which he claims will increase federal deficits, has led to tensions between Musk and Trump. Trump has threatened to cut off government contracts with companies owned by Musk, which has negatively impacted DJT12.
- Bitcoin Accumulation Strategy: DJT's strategic shift towards accumulating Bitcoin has raised concerns among investors. The company's announcement to raise $2.5 billion for a Bitcoin treasury has led to a dilution of existing ownership and reduced voting control for the Trump family. This move has sparked concerns among retail and institutional investors, leading to a sell-off in the company's shares56.
- Market Volatility: The broader market volatility, influenced by factors such as disappointing jobs data and unclear trade policies, has also impacted DJT. The stock market's response to these uncertainties can lead to a sell-off in high-profile stocks like DJT89.
In conclusion, DJT's stock fall on June 5th was likely a result of a combination of factors including Elon Musk's opposition to the tax-cut and spending bill, Bitcoin accumulation strategy and market volatility.