Former US president and current Republican presidential candidate Donald Trump speaks about the economy, inflation and manufacturing during a campaign event at Arlo Steel in Potterville, Michigan on August 29, 2024.
Bill Priano | Getty Images
Stock Trump Media Stocks fell at the opening bell on Thursday, just hours before former President Donald Trump is expected to begin selling nearly $2 billion of his stock holdings.
The company, which owns social media platform Truth Social and trades on the Nasdaq as DJT, fell 5% at the market open.
Republican presidential nominee Trump owns about 57% of DJT’s outstanding shares. As of Thursday morning, that stake was worth about $1.7 billion, roughly half of Trump’s estimated wealth. Net Worth.
Trump Media (DJT) Stock Price
But Trump and other early investors are barred from selling their shares because of lock-up agreements that went into effect when the company went public in late March after merging with a blank-check company.
Those restrictions are set to end as early as Thursday afternoon. Trump Media acknowledged in regulatory filings that lifting the restrictions could prompt a large sale of the company’s shares, which could lead to selling pressure in the market and a drop in DJT’s stock price.
Trump, the company’s largest shareholder, said on Friday he has no plans to sell his stake, but other company insiders may seek to capitalize if the opportunity arises.
The company’s fortunes are tied to those of Trump, whose use of Truth Social has become the platform’s main draw.
After soaring in its initial public offering, Trump Media’s shares have fallen for a month, coinciding with President Trump’s tumultuous presidential campaign against Democratic candidate Kamala Harris.
This is an evolving story, please check back for updates.
