Trump Media & Technology Group's stock hits low as insider stock-sale ban lifts
By Steve Gelsi
Stock falls to its lowest level since the company went public in March through a merger with Digital World Acquisition Corp.
Trump Media & Technology Group Corp.'s stock dropped Friday to its lowest level since the company went public in March, as a ban on stock sales lifted.
The stock (DJT) was down 5% to $13.96 in recent trading.
Republican presidential nominee Donald Trump owns 114.75 million shares, or 57% of the outstanding stock, as the largest shareholder in Trump Media, which is the parent of social-media platform Truth Social.
United Atlantic Ventures owns 7.525 million shares and ARC Global Investments II owns 7.4 million shares.
No company officials or inside shareholders at Truth Social have made any regulatory filings on Friday indicating sales of stock.
When lockups expire, stocks often see some selling pressure on speculation of further dilution of shares.
Under U.S. securities law, insiders are required to file a Form 4 document within two days after the transaction date of a stock sale.
Trump said last Friday that he doesn't plan to sell any of the company's stock, although he and other insiders had registered shares for potential sale on April 15.
Also read: Donald Trump could sell his 'DJT' stock after saying he won't - but that might spark lawsuits
Trump Media & Technology went public in March through a merger with Digital World Acquisition Corp.
The stock hit highs of about $66 a share shortly thereafter, but it has been trending mostly down since then.
The company currently has a market capitalization of about $2.9 billion, which is about eight times its total assets of $356 million as of June 30.
For the second quarter, Trump Media reported a net loss of $16.37 million on revenue of $837,000, while in the year-ago quarter, it lost $22.8 million on revenue of $1.19 million.
-Steve Gelsi
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09-20-24 1310ET
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