Trump Media's stock price dropped below $30 in early trading on Friday, Apr. 12, a loss of almost $40 from the social media company's initial public offering price on Mar. 26

Trump Media Shares Plunge Over 8%

In Friday's first hour of trade, Trump Media (DJT) shares dropped more than 8%. According to CNBC, the most recent loss in the ticker's price followed a chain reaction that began with a 5.4% drop on Thursday, Apr. 11, and a more than 8.5% drop on Wednesday, Apr. 10.

A 47% decline in share price month-to-date has wiped billions of dollars off Trump Media's market worth.

With around 60% of the shares in his possession, former United States president Donald Trump is by far the largest stakeholder in the company.

The stock of Trump Media began trading on Mar. 26 at $70.90 and rose to over $80 by the end of the same day. The firm's market valuation exceeded $9.5 billion during that particular day.

Following a partial recovery in share price, Trump Media's market value reached $4.3 billion around 10:45 AM ET on Friday. Last year, the firm lost $58 million with just $4.1 million in sales.

See Also: Trump Media Director Accused of 'Hacking' Files, Plotting a Coup to Oust Former CEO of Digital World: Lawsuit

Trump Media Shows Strong Results and Fairly High Stock Price

Because of its strong performance and relatively high stock price, the firm has attracted the attention of short sellers, who make trades by essentially betting that a company's share price will fall.

Based on information from Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, the so-called short interest in DJT was $208.7 million as of this week, with a 5.44 million share cut. The number of outstanding shares in DJT is 136.7 million.

Dusaniwsky said a week ago that traders who desired short Trump Media shares had to pay up to 900% in yearly financing charges, requiring a $30-per-share decline within a month to break even. Still, the cost of funding short transactions in Trump Media has dropped dramatically, reaching 200%, since then.

See Also: Donald Trump's Third Bid to De'ay Hush'Money Trial Denied by NY Court