Shares of Trump Media tumbled nearly 8% on Friday, closing at $13.55, the lowest point since the company’s stock-market debut. This marked the fifth consecutive day of losses, leaving the company’s market capitalization at just $2.7 billion. The steep decline followed the expiration of insider lock-up restrictions, allowing large shareholders to sell their stakes for the first time since the company went public.
Trump Media, owned 57% by former President Donald Trump, operates the Truth Social app and has faced mounting financial challenges. With $300 million worth of shares traded on Friday, the session saw the highest turnover in a week. Despite the unlocked shares, Trump stated he would not sell his holdings, currently valued at $1.5 billion. This has drawn attention to other major stakeholders who now have the option to sell.
Read More: https://luminarytimes.com/trump-media-shares-plummet-as-insider-selling-restrictions-expire/