Trump Media Shares Hit Record Low After Democratic Midterm Wins

Donald Trump's business interests suffered sharp market losses after Democrats secured major victories in the 2026 US midterm elections, as investors reassessed the political outlook for companies and cryptocurrencies associated with the president. Trump Media shares, the WLFI cryptocurrency and the $TRUMP digital token all declined as Democratic lawmakers gained greater congressional influence.

According to The New York Times, Trump Media & Technology Group shares fell 24% on Wednesday, November 4, closing at $4.49. The decline established a new record low for the company behind Truth Social and extended a prolonged downturn in its market valuation.

The stock has lost more than 90% of its value compared with its closing price on March 26, 2024, its first day of trading. Trump's ownership stake, previously valued at approximately $6 billion shortly after the market debut, is now worth slightly more than $500 million, according to The New York Times.

The Guardian reported that Trump has disclosed ownership of 114 million DJT shares and controls more than 40% of the company through a trust. Despite these losses, Forbes estimated in a September analysis that his overall wealth remained $2.7 billion higher than when he won the presidency in 2024.

Cryptocurrency investments connected to the Trump family experienced similar pressure. World Liberty Financial's WLFI governance token dropped below five cents after trading at approximately 31 cents at its 2025 peak, according to The Guardian.

Mother Jones documented a rapid decline beginning around 7:10 p.m. Eastern Time on Tuesday, November 3. WLFI fell from approximately 5.1 cents to 4.6 cents within 50 minutes before continuing to fluctuate around 4.7 cents on Wednesday afternoon.

The separate $TRUMP meme coin also recorded substantial losses. Mother Jones reported that its price dropped from $1.58 at 7:10 p.m. Tuesday to an all-time low of $1.23 by 12:50 p.m. Wednesday, representing a decline of more than 20% in less than a day.

The Guardian reported that the token had previously reached $45 in January 2025. Trump generated approximately $636 million in sales from the digital asset during 2025, while his personal financial disclosures also showed more than $500 million in profits from cryptocurrency sales that year.

Jim Angel, an associate professor at Georgetown University's McDonough School of Business, explained that the market value of these investments is closely connected to perceptions of Trump's political standing.

"People think they're investing in Trump. They really aren't. They're really betting on his popularity.

That's what they're betting on." Angel said.

He also connected the declining valuations to the president's weakening public standing.

"Right now his popularity is at record lows, and so we see the price of DJT and World Liberty at record lows." Angel added.

World Liberty Financial was established by the Trump family and the family of Steven Witkoff, a real estate developer and Trump's personal friend. Witkoff was appointed to negotiate diplomatic arrangements involving Gaza, Iran and Ukraine.

The company also issues USDI1, a stablecoin pegged to the US dollar. The Trump administration recently granted the business a banking license, according to The Guardian.

Beyond market losses, Democratic lawmakers could increase scrutiny of Trump's business activities following their electoral gains. The New York Times identified Trump Media's proposed sale of early access to Truth Social posts as one potential target for congressional investigations.

The arrangement would give investment firms access to the president's social media posts before their public release, potentially allowing faster trading decisions. Several Democratic lawmakers previously criticized the proposal, while others introduced legislation seeking to prohibit the practice.

Mother Jones also reported that Senator Adam Schiff and several Democratic colleagues had requested information from the White House concerning an event at Trump's Washington-area golf course. Major holders of the $TRUMP token had been invited to an exclusive dinner promoted by the company behind the cryptocurrency.

The event's promotional material described the gathering as "the most exclusive dinner in the world." The invitation also promised appearances by three unnamed "legends," described as "The World's power players."

Schiff requested that Trump preserve relevant records, a move that could become significant as congressional oversight expands. Democratic lawmakers are expected to have greater authority to investigate business activities involving the president and his family.

Robert Garcia, the top Democrat on the House Oversight Committee, responded to the election results with a brief statement on Tuesday night: "Lawyer up."