A step toward allowing insiders, like Mr. Trump, to sell their stakes was also indicated by the action taken by Trump Media.Since official trading began following the company’s formal stock exchange launch in March, the company has already been battered by a wave of selling. On Monday, shares plummeted 14% more.
Shares of the business that operates the social networking site Truth Social dropped to less than $28 a share while Mr. Trump sat silently in the courtroom.
Through a merger with Digital World Acquisition Corp, a shell company established in 2021 to locate a company to purchase and go public, it made its Nasdaq stock exchange debut last month. The transaction brought in over $200 million for the business and momentarily caused the share price to soar above $70.
With multiple legal challenges pending, Mr. Trump cannot sell his shares until about September. He is actively seeking reelection.
Trump Media stated in a regulatory filing that up to 146.1 million shares, of which 114.8 million are Mr. Trump’s, might be sold.
In connection with warrants, which grant the holder the opportunity to acquire shares at a specific price, it also informed investors of plans to issue an additional 21.5 million shares. These deals are typical following a public offering, such as Trump Media’s, and the company estimated that they would bring in roughly $247 million.
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