Trump Media shares fell to a new low on Thursday, the day former President Donald Trump and other major investors were finally allowed to sell their shares in the parent company of social media platform Truth Social.
The company closed down nearly 6% at $14.70 as a six-month lockup period preventing insiders from selling shares expired after Trump Media merged with blank-check firm Digital World Acquisition Corp to take it public.
Trump, the majority owner with a 57% stake now valued at about $1.7 billion, said last week he has no intention of selling his position, a move that would effectively devalue the stock.
The Republican presidential candidate and other big investors, who together own more than 20 million shares, were free to sell their stocks after the close of trading.
Trump Media debuted on the Nasdaq to great fanfare in March, when its share price soared to more than $60.
But she has endured volatile shifts during her race for the White House, as current President Joe Biden dropped out and Kamala Harris won the Democratic nomination.
The latest polls show Trump and the vice president virtually tied in key swing states.
Trump launched Truth Social in February 2022 after being banned from major sites like Facebook and the platform formerly known as Twitter following the January 6 attack on the US Capitol.
He has since been reinstated on both platforms (and has the backing of X owner Elon Musk), but still primarily posts on his own platform.
While Truth Social has attempted to capitalize on outrage over Trump's bans, it has struggled to gain traction.
The platform had fewer than 1 million daily active users in April, according to data from Similarweb.
With post wires
