Trump Media shares slide with DJT sale restrictions set to lift
Shares of Trump Media fell Thursday, just hours before former President Donald Trump is expected to be able to start selling his nearly $2 billion stake in the owner of social media platform Truth Social.
Trump, the Republican presidential nominee, owns nearly 57% of DJT's outstanding shares. That stake at Thursday morning's price was worth about $1.7 billion — almost half of Trump's estimated on-paper net worth.
But Trump, and other early investors, have been barred from selling their shares under a lockup agreement that took effect when the company went public following a merger with a blank-check firm in late March.
Trump Media has acknowledged in regulatory filings that the end of the lockup could spur large sales of the company's stock, and even the market's perception of a sell-off could drive down DJT's stock price.
Trump, the majority shareholder, said Friday that he has no plans to sell his stake. His assurance sent the stock soaring higher, though it has since given up those gains.
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