Trump Media stock plummets after company files to issue millions more shares
Shares of Truth Social parent tumble more than 15%
Sound Planning Group CEO David Stryzewski discusses what the early success of Trumps social media platform says about investors affinity for the 45th president on Varney & Co.
Trump Media & Technology Group's (TMTG) stock price plunged by more than 15% on Monday after the parent company of former President Donald Trump's Truth Social platform filed to sell millions more shares.
TMTG, which trades on the Nasdaq under the symbol "DJT," said in an SEC filing it could issue an additional 21.5 million shares in the coming months.
The Truth social network logo is seen on a smartphone in front of a display of former President Donald Trump in this picture illustration taken Feb. 21, 2022. (REUTERS/Dado Ruvic/Illustration / Reuters Photos)
The filing showed a potential sale of 146.1 million shares of the social media company, including 114.8 million shares owned by Trump himself.
TRUMP TO BE DEPOSED IN DISPUTE WITH MEDIA COMPANY CO-FOUNDERS
The additional shares could be sold upon the exercise of certain warrants issued when the company went public through a blank-check merger with Digital World Acquisition Corp.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DJT | TRUMP MEDIA & TECHNOLOGY GROUP CORP | 52.51 | -0.89 | -1.67% |
Shares of TMTG have retreated sharply since their market debut on March 26, falling 60% from the opening price of $70.90.
TRUMP CALLS HUSH MONEY TRIAL ‘ASSAULT ON AMERICA’ AS CASE OFFICIALLY KICKS OFF
Also on Monday, Trump, the presumptive 2024 GOP presidential nominee, appeared in a New York City courtroom as jury selection began in a trial against him centered on hush money payments to Stormy Daniels.
Former President Donald Trump appears ahead of the start of jury selection at Manhattan Criminal Court on April 15, 2024, in New York City. (Jabin Botsford-Pool/Getty Images / Getty Images)
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Trump is the first former president ever to be criminally prosecuted.
FOX Business' Lawrence Richard, Maria Paronich and Reuters contributed to this report.