Avishek Das | Light Rocket | Getty Images
Trump Media Shares of the company were trading higher on Tuesday morning truth society In line with company insiders, including majority shareholders, the company hopes to recover from its downward spiral Donald Trumpget permission to start sell their shares.
DJT The stock rose 7% in active trading shortly after the opening bell. The stock was up about 2% as of 11 a.m. ET.
After six consecutive sessions of losses, Trump Media shares fell more than 32%.
Trump Media (DJT) stock price
The plunge is just the latest negative fallout in a month-long slump for the company, which went public in late March after completing a merger with a special purpose acquisition company.
Shares of Trump Media Co. have fallen more than 84% since debuting on Nasdaq and surging to an intraday peak of $79.38 per share.
On Monday, the stock fell to its lowest since October 2021, when news broke that Trump Media and SPAC were planning to merge. Digital World Acquisition Companyis the first public.
Trump currently owns nearly 57% of the company’s outstanding shares. Although the value of his holdings has fallen by billions in recent months, it was still worth nearly $1.5 billion on Tuesday morning.
The Republican presidential candidate and other early investors in the company are prohibited from selling their shares until a lockup agreement expires, which they did on Thursday.
The expiration of the lockup period has fueled speculation about whether early investors will seek to sell shares in the company, whose sole product, Truth Social, has generated little revenue in recent quarters.
Trump has vowed not to sell his shares.
But Trump Media warned that other early investors were planning to cash out as soon as the lockup expired.
It was unclear Tuesday morning whether any previously locked entities had attempted to sell since Thursday. But in most cases, these sales trigger SEC disclosure requirements.
This is developing news. Please check back for updates.
