The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Trump Media plummets 10% as post-lockup selloff picks up steam

by admin September 25, 2024
September 25, 2024
Trump Media plummets 10% as post-lockup selloff picks up steam

Shares of Trump Media sank Monday to their lowest price since 2021, days after majority owner Donald Trump and other company insiders got the green light to start selling their stakes in the Truth Social operator.

The stock, which appears as DJT on the Nasdaq, closed more than 10% lower in a frenzied trading session, settling at $12.15 per share and notching the company’s sixth straight day of declines.

Trump Media’s share price has fallen nearly 85% since the company surged in its public trading debut in late March.

Monday’s decline left the stock at its lowest level since before October 2021, when it was revealed that the blank-check firm Digital World Acquisition Corp. was planning to merge with then-private Trump Media.

News of that deal sent shares of DWAC soaring more than 350%. The stock declined in the intervening years, before surging again in the early 2024 in anticipation of the completion of the merger with Trump Media.

The company’s market capitalization, which crossed $10 billion in March, has now shrunk below $2.5 billion. Trump owns nearly 57% of the company’s outstanding shares, a stake that is still worth nearly $1.4 billion.

Trump and other company insiders were bound by lockup agreements that barred them from selling their shares in the initial months after Trump Media went public.

Those restrictions expired at the closing bell Thursday.

Trading volume accelerated significantly as the lockup lifted. More than 14 million shares changed hands on Thursday and nearly 22 million were exchanged Friday, far exceeding the 30-day average volume of about 8.3 million shares.

Traders swapped more than 18.3 million shares on Monday.

Asked for comment about the stock’s recent movement, a Trump Media spokesperson shared a statement defending the company’s business.

“Trump Media ended last quarter with $344 million in cash and cash equivalents and zero debt while launching an in-app streaming platform on our custom-built content delivery network,” the statement read. “With further innovations planned soon, TMTG is optimistic about our growth strategy.”

Trump, a main draw for Truth Social users and many of the company’s retail investors, said earlier in September that he will not sell his stake. The stock price briefly shot up after his remarks.

Other early investors have made no such promises. They include DWAC sponsor ARC Global and United Atlantic Ventures, an entity controlled by two former contestants on Trump’s reality show “The Apprentice.”

ARC and UAV owned nearly 11% of outstanding DJT shares, Trump Media said in a regulatory filing in early September. But ARC’s stake may have grown after a Delaware judge ruled on Sept. 16 that Trump Media breached an agreement with the sponsor and owes it more stock.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Boeing sweetens offer to union as strike enters second week
next post
Campaign finance wars are over and the winner turned defeat into victory

Related Posts

Treasury ends enforcement of business ownership database meant...

March 4, 2025

Trump Media lost $327.6 million in the first...

May 22, 2024

Dow closes nearly 500 points lower Thursday as...

August 3, 2024

Starbucks will stop charging extra for nondairy milk

November 1, 2024

Tesla to recall 125,227 vehicles over faulty seat...

June 1, 2024

Dave & Buster’s plan to allow betting on...

May 8, 2024

Oil prices rise more than 1% as Israel...

June 21, 2025

Walmart-backed fintech One introduces buy now, pay later...

April 25, 2024

Tesla is the new meme stock, according to...

July 11, 2024

Tesla has downsized by at least 14% this...

June 24, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 10, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 10, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 10, 2025
    • Sydney Sweeney jeans controversy making advertising great again

      August 10, 2025
    • Nagasaki mayor issues chilling warning on 80th anniversary of atomic bombing

      August 10, 2025
    • Kash Patel celebrates major FBI achievements and record seizures during Trump’s first 200 days in office

      August 10, 2025

    Categories

    • Business (1,330)
    • Politics (4,206)
    • Stocks (1,577)
    • Uncategorized (45)
    • World News (1,323)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved