Trump Media free fall continues, as DJT stock slides 6%

Trump Media free fall continues, as DJT stock slides 6%

Pavlo Gonchar | Lightrocket | Getty Images
Stock Chart IconStock chart icon

Trump Media & Technology Group Corp. Stock Price

Trump Media’s stock price has whipsawed since its public debut as retail investors and short sellers bought and sold the company tied to the controversial presumptive Republican presidential nominee.

But the trend over the last three weeks has been consistently negative: The stock has now lost more than half its value since May 30, when a New York jury convicted Trump on 34 felony counts of falsifying business records.

Read more CNBC politics coverage

It is not clear if the conviction itself triggered that decline — though the company in SEC filings has acknowledged that, “An adverse outcome in one or more of the ongoing legal proceedings in which President Donald J. Trump is involved could negatively impact TMTG and its Truth Social platform.”

Some analysts have attributed the stock slide to the Securities and Exchange Commission’s approval of Trump Media’s registration of additional shares.

The clearance by the SEC, revealed Tuesday after the bell, allows early investors in the company to resell certain shares and exercise stock warrants, threatening to dilute the stock price.

Truth Social has noted, however, that it could net up to $247 million if all the warrants are exercised for cash.

This is developing news. Please check back for updates.

Original news source Credit:

You must be logged in to post a comment Login