- Title: Trump Media shares tank after company says it could sell more stock
- Date: 15th April 2024
- Summary: NEW YORK, NEW YORK, UNITED STATES (MARCH 26, 2024) (REUTERS) VARIOUS OF TRUTH SOCIAL APP ON IPHONE
- Embargoed: 29th April 2024 17:09
- Keywords: Donald Trump Media company Stocks Truth Social
- Location: VARIOUS
- City: VARIOUS
- Country: US
- Topics: Economic Events,North America
- Reuters ID: LVA001533015042024RP1
- Aspect Ratio: 16:9
- Story Text: Shares of Donald Trump's social media company slumped 15% on Monday (April 15) extending losses since its IPO, after the company said it could sell millions of additional shares in coming months, including the former president's entire stake.
Trump Media & Technology Group, which operates Truth Social, has been volatile since its market debut on March 26, attracting both loyal fans of the former president along with short-sellers who see the stock as wildly overvalued.
The shares have already fallen nearly 60% since it first went public after a blank-check merger with Digital World Acquisition Corp, peaking on its first day at $70.90. Shares were down 15.6% at $27.56 on Monday.
Trump, the presumed Republican nominee for president in the November 2024 election, is on trial in a Manhattan court related to hush money payments to a porn star. He has pleaded not guilty.
The filing also listed an additional 21.5 million shares that could be sold upon the exercise of certain warrants issued when the company went public.
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