A recent announcement by Trump Media & Technology Group has led to a significant drop in the company’s stock price. The parent company of Donald Trump’s social media network, Truth Social, has decided to allow insiders to sell their shares much earlier than previously agreed upon. This move caused shares of the company to drop by 18.4% on Monday.
In a filing with the SEC, Trump Media revealed plans to allow the potential sale of millions of restricted shares held by investors through warrants that can be converted into common stock. Additionally, insiders, including former President Trump, will be able to sell their shares earlier than expected. Although Trump’s ownership stake in the company is still subject to a lockup period of about five months, this amendment could potentially dilute existing shareholders by over 15%.
Trump Media & Technology Group recently became a publicly traded company through a SPAC merger with Digital World Acquisition Corp. on March 25. The company’s primary asset is Truth Social, which was launched in February 2021 as an alternative to Twitter and Facebook. Despite its recent successes, the anticipation of new shares flooding the market has led some investors to sell their shares in response to the news.
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