- Shares of Trump Media dropped almost 4% Tuesday following the former president's interview with Elon Musk.
- The stock was down 5% on Monday after Trump reactivated his X account.
- Truth Social's latest earnings show the social media company is still struggling to turn a profit.
Shares of Donald Trump's media company tumbled for a second day on Tuesday after the former president returned to his firm's top rival after a three-year hiatus.
The stock was down almost 4% as of 9:47 a.m. ET Tuesday following Trump's Monday evening interview with Elon Musk, X's owner. That loss added to a 5% decline in the previous session as investors reacted to the former president returning to Truth Social's biggest competitor.
Trump posted on X eight times shortly before the interview. He has posted on the platform sparingly since 2021, when he was banned after his supporters stormed the US Capitol on January 6.
The platform — then still known as Twitter — said Trump's posts incited violence and false claims.
Musk bought the site in 2022 and reinstated Trump's account, but Trump continued posting mainly on Truth Social. Before this week, the president most recently returned to X in August 2023 to post his mugshot following his indictment in Georgia.
Truth Social also revealed in its latest earnings that it continues to struggle to turn a profit, and remains far behind X in terms of user base and revenue. In earnings released last week, Trump Media posted a $16 million loss and a decline in revenue in the most recent quarter.
Trump's interview with Musk, streamed on X, lasted over two hours and attracted as many as 1.3 million listeners.
The conversation detailed Trump's perspective on the attempted assassination against him last month, as well as issues like immigration and environmentalism. It was delayed over 40 minutes by technical issues, which Musk attributed to a cyberattack.
Trump's interview with Musk comes off a series of tough appearances for the Republican presidential nominee.
After an interview at the National Association of Black Journalists Conference in Chicago last month, Trump received criticism for falsely suggesting the Democrats' pick Vice President Kamala Harris only recently started acknowledging her Black identity and "happened to turn Black."
Trump also showed frustration during a news conference in Palm Beach, Florida last week, where he told a story about a nearly deadly helicopter ride that some say never happened.
The interview with Musk follows a quick turnaround in the pair's historically rocky relationship. Musk endorsed Trump after last month's assassination attempt and has become a vocal conservative backer in recent months.
The billionaire's super PAC has committed to the goal of turning out 800,000 voters for Trump in key swing states.