Why Trump Media Stock Sank Today
Trump Media (NASDAQ: DJT) stock saw substantial sell-offs in Tuesday's trading. The company's share price closed out the daily session down 7.5% and had been down as much as 11% earlier in the day's trading.
Trump Media posted big gains in Monday's trading in anticipation of Donald Trump's presidential inauguration next week, but the company's stock lost ground today. The social media specialist's share price fell in conjunction with Senate confirmation hearings for Pete Hegseth -- Donald Trump's nominee for defense secretary.
In some ways, Hegseth's confirmation hearing today presents the first test for the incoming Trump administration. The hearing has been a contentious one -- with Democrats raising concerns about the nominee's background and suitability for the job.
Source Fool.com
