Trump Media (NASDAQ: DJT) faced a significant setback on September 11, tumbling by 15% and eventually closing the day with a 10% drop at $16.68, shedding $1.95 (-10.47%). The downward trend continued in pre-market trading on September 12, with shares slipping further to $16.36, down by $0.32 (-1.92%).
The primary trigger for this decline was the fallout from the presidential debate involving former President Donald Trump and current U.S. Vice President Kamala Harris. Market sentiment appeared to favor the Vice President, leading to the ongoing sell-off in Trump Media stock.
The recent dip in Trump Media stock compounds the company’s prolonged decline, especially since the involvement of Representative Marjorie Taylor Greene. On October 22, 2021, Greene invested up to $50,000 in DJT when shares were trading at a high of $92-$94. However, since then, the stock has plummeted by approximately 83%, signifying a peak coinciding with Greene’s entry.
In another development, cybersecurity firm CrowdStrike (NASDAQ: CRWD) became a noteworthy move by Marjorie Taylor Greene as she initiated a position at $377.93 on June 24. As of September 12, the stock was trading at $253.53, reflecting a significant 33% decline. Notably, Greene’s position on the House Cybersecurity Subcommittee adds a layer of irony to this situation.
There has been talk in investment circles likening Greene to a figure akin to Jim Cramer, with her trades sparking discussions about an “Inverse Greene ETF.” This satirical concept alludes to her less-than-ideal performance, contributing to the prevailing negative sentiment toward politicians and their investment activities.
Additionally, Greene’s trading activity became controversial when she initially claimed not to own any stocks on January 2, 2024, only to later claim that she was holding them for a friend when her name still appeared in Congressional stock reports. Subsequently, she reported new trades worth $840,000, including multiple moves totaling around $210,000.
Although Greene may not have a reputation for market timing, her investment strategies have drawn comparisons to Nancy Pelosi’s approach, particularly focusing on prominent tech companies like Nvidia (NASDAQ: NVDA) and holding onto CrowdStrike. Whether Greene’s investments will prove successful or emulate her CrowdStrike experience remains uncertain, paving the way for potential outcomes related to the “Inverse Greene ETF” concept.