Trump Media shares plummeted to an all-time low on Thursday, the same 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.
After Trump Media went public through a merger with blank-check company Digital World Acquisition Corp, the company's shares fell nearly 6 percent to close at $14.70 after a six-month lockup period barring insiders from selling shares expired.
Mr. Trump, who currently holds a 57% stake worth about $1.7 billion, said last week that he has no plans to sell his stake, which would effectively drive down the stock's value.
The Republican presidential candidate and other large investors, who collectively own more than 20 million shares, were free to sell their shares after trading closed.
Trump Media debuted with much fanfare on the Nasdaq in March, and its shares soared to more than $60.
But with incumbent Joe Biden dropping out of the race and Kamala Harris securing the Democratic nomination, the race for the White House has been marked by volatile fluctuations.
The latest polls show President Trump and the Vice President virtually tied in key battleground states.
President Trump launched Truth Social in February 2022 after being banned from major sites including Facebook and the former Twitter following the Jan. 6 attack on the U.S. Capitol.
He has since returned to both platforms and has even received an endorsement from X owner Elon Musk, but still primarily posts on his own platform.
Truth Social tried to capitalize on the outrage over Trump's ban but struggled to gain support.
As of April, the platform had fewer than 1 million daily active users, according to data from Similarweb.
With post wire
