Trump's social-media stock 'DJT' drops ahead of insider stock-sale filing deadline

By Steve Gelsi

U.S. Securities law requires a Form 4 filing within two business days of an insider stock sale

Trump Media & Technology Group Corp.'s stock fell 10% at the closing bell on Monday ahead of a two-day filing deadline for insiders to disclose sales of shares in the parent company of Donald Trump's Truth Social platform.

Shares of the closely watched stock (DJT) moved down by $1.40 to $12.15 a share, its lowest closing price since Trump Media & Technology went public in March through a merger with Digital World Acquisition Corp.

A six-month lockup on shares sold by company insiders expired on Friday.

Under U.S. Securities law, insiders who sell stock are required to file a Form 4 disclosure within two business days - which would be end of day on Tuesday, Sept. 24, for any insiders who sold stock on that day.

Republican presidential nominee Donald Trump is the largest shareholder in Trump Media, with 114.75 million shares, or 57% of the company's outstanding stock.

Earlier this month, Trump said he didn't plan to sell any of his shares of Trump Media & Technology.

If he changes his mind and does sell some shares in the near future, he could find himself in legal hot water, a securities lawyer told MarketWatch last week.

Trump's stake in Trump Media & Technology is worth about $1.4 billion, based on the stock's price of $12.15 a share at the end of regular trading on Monday.

United Atlantic Ventures owns 7.525 million shares and ARC Global Investments II owns 7.4 million shares.

Trump Media & Technology Group's chief financial officer, Philip Allen Juhan, owns 405,000 shares of the stock; its former chief executive and current director, Eric Swider, owns 195,000 shares; and its chief executive officer, Devin Nunes, owns about 87,000 shares.

-Steve Gelsi

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09-23-24 1614ET

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