Trump Media Plunges 24% to Record Low as Democrats Sweep Congress; TRUMP Token Falls

Assets tied to President Donald Trump fell in tandem after Democrats won control of both chambers of Congress in the U.S. midterm elections. Trump Media shares hit a record low, while the official meme token TRUMP extended its decline. The prospect of a congressional probe into the president’s family business weighed on investor sentiment.

Yahoo Finance reported on November 4 that Trump Media & Technology Group, the operator of Truth Social that trades under the ticker DJT, closed the regular session at $4.49, down about 24.5% from the previous trading day. The stock fell as low as $4.46 intraday, marking an all-time low.

As of 12:30 p.m. on November 5, TRUMP was trading at about $1.27, according to CoinGecko. Its 24-hour range was $1.22 to $1.53. The intraday low of $1.22 was the token’s lowest level on record in CoinGecko data.

Bloomberg said the simultaneous drop in both assets reflected investor caution over potential congressional investigations by Democrats. Before the election, Democrats said they would investigate Trump and his family’s business interests if they won a congressional majority. Representative Robert Garcia, a Democrat expected to chair the House Oversight Committee, wrote on social media, "Hire lawyers," after the vote count came in.

At the center of the issue is a potential conflict of interest between the president’s public authority and his private businesses. Trump has faced criticism that he is profiting during his presidency from crypto ventures and other businesses bearing his name. The White House has maintained that there is no conflict of interest related to the president’s business activities.