By The Associated Press September 11, 2024 at 5:52am
Shares of Trump Media & Technology are down 17 percent in early trading Wednesday, following Tuesday night’s debate between Donald Trump and Vice President Kamala Harris.
The former president can start selling shares of Truth Social’s parent company starting on Sept. 19 when a lockup provision ends, if he chooses to do so. That’s because the lockup provision prevented company insiders from selling newly issued shares for six months.
Trump owns nearly 115 million shares of the company, according to a recent filing with the Securities and Exchange Commission. Based on Tuesday’s closing price of $18.04, Trump’s shares are worth approximately $2 billion.
The question remains if Trump will decide to sell any of his shares.
The stock movement also comes after Taylor Swift endorsed Harris for president shortly after the debate ended.
Trump Media runs the social media platform Truth Social, which Trump created. Based in Sarasota, Florida, the company has been losing money and struggling to raise revenue. It lost nearly $58.2 million last year while generating only $4.1 million in revenue, according to regulatory filings.
The stock has fluctuated for the past several months, with trading largely driven by individual investors.
The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
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