Trump Media (NASDAQ: DJT) stock saw substantial sell-offs in Tuesday's trading. The company's share price closed out the daily session down 7.5% and had been down as much as 11% earlier in the day's trading.

Trump Media stock saw a 22.40% move to the upside in the last 7 days in anticipation of the inauguration. Can DJT hit $50 in the near term?

Trump Media (NASDAQ: DJT) stock recorded huge gains across 2024's trading. The company's share price ended the year up 94.9%, according to data from S&P Global Market Intelligence. Meanwhile, the S&P 500 index's level climbed 23.

The Truth Social operator's shares, which sometimes move on traders' viewpoints regarding Trump's political fortunes, have more or less treaded water since early December. Now, with Trump set to be inaugurated for a second time next Monday, those traders may once again be looking to buy ahead of a big event.

Trump Media & Technology Group (NASDAQ: DJT), which owns the social media platform Truth Social, went public by merging with a special purpose acquisition company (SPAC) on March 26, 2024. Its stock opened at $70.

Trump Media & Technology Group Corp DJT -0.25% Get Free Report stock is trading lower on Tuesday. The dip in the Truth Social parent stock comes as a New York judge has ruled that Donald Trump will be sentenced on Jan. 10, 2025, just days before his inauguration as president of the United States.