Former U.S. President and current Republican presidential candidate Donald Trump talks about the economy, inflation and manufacturing during an Alro Steel campaign event in Porterville, Michigan, August 29, 2024.
Bill Pugliano | Getty Images
shares Trump Media fall on opening bell Thursday, with just hours left until ex-President Donald Trump It is expected to be able to start selling its nearly $2 billion stake.
The company, which owns social media platform Truth Social, trades on Nasdaq under the symbol DJT, saw its shares fall 5% at the open.
Republican presidential candidate Trump owns nearly 57% of DJT’s outstanding shares. At Thursday morning’s prices, the stake was worth about $1.7 billion — nearly half of Trump’s on-paper valuation net worth.
Trump Media (DJT) stock price
But Trump and others early investorsis prohibited from selling its stock under a lock-up agreement that took effect when the company went public after merging with a blank-check company in late March.
Those restrictions are set to expire as early as Thursday afternoon. Trump Media acknowledged in a regulatory filing that the end of the lockup period could spur a massive sell-off of the company’s stock, and even the market’s perception of a sell-off could depress DJT’s stock price.
Majority shareholder Trump said on Friday he had no plans sell his shares. But other company insiders They’ll probably try to cash in once they get the chance.
The company’s fortunes are closely tied to those of Trump, whose use of Truth Social has made him the platform’s main draw.
After surging on its first day of public trading, Trump Media’s stock price has endured a month-long tumble that coincides with Trump’s presidential campaign against Democratic candidates descending into chaos. Kamala Harris.
This is developing news. Please check back for updates.
