Shares of Trump Media fell at the opening bell Thursday, with just hours to go until former President Donald Trump is expected to be able to start selling his nearly $2 billion stake.
The company, which owns social media platform Truth Social and trades as DJT on the Nasdaq, was down 5% at the market open.
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.
The company’s fortunes are tied up with those of Trump, whose use of Truth Social makes him a main draw to the platform.
After soaring in its public trading debut, Trump Media has suffered a monthlong stock slump that has coincided with Trump’s tumultuous presidential campaign against Democratic nominee Kamala Harris.
Persons:
Donald Trump, Trump, Kamala Harris
Organizations:
Trump Media, Nasdaq, Trump, Republican, Democratic