Shares of Trump Media & Technology Group (DJT) plunged over 5% in pre-market trading on Tuesday, following Donald Trump's combative inauguration speech as the 47th President of the United States. The stock price decline came after Trump vowed to prioritize "America's interests" and take on a "radical and corrupt establishment," hinting at a tougher stance on regulating social media companies.
While Trump did not directly mention social media platforms during his address, his rhetoric raised concerns about increased scrutiny or regulations for companies like TMTG, which operates the Truth Social platform. The company was founded by Trump after he was banned from mainstream social media sites following the January 6th Capitol riots.
Investors interpreted Trump's rhetoric as a signal that his administration might adopt a more adversarial approach towards tech giants, potentially impacting TMTG's operations and growth prospects. The stock price plunge reflects the market's reaction to the perceived regulatory risks and uncertainties surrounding the company in the wake of Trump's inauguration speech.
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