Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Friday, September 20, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Trump Media shares slide with DJT sale restrictions set to lift

September 19, 2024
in News
Reading Time: 4 mins read
A A
Trump Media shares slide with DJT sale restrictions set to lift
0
SHARES
ShareShareShareShareShare

READ ALSO

Elon Musk’s X and Starlink face daily fines in Brazil for ban evasion

Amazon introduces Amelia, an AI assistant for third-party sellers

Former U.S. President and current Republican Presidential nominee Donald Trump speaks about the economy, inflation, and manufacturing during a campaign event at Alro Steel on August 29, 2024 in Potterville, Michigan.

Bill Pugliano | Getty Images

Shares of Trump Media fell Thursday, just hours before former President Donald Trump is expected to be able to start selling his nearly $2 billion stake in the owner of social media platform Truth Social.

The company, which trades as DJT on the Nasdaq, was down more than 4% in midday trading.

Trump, the Republican presidential nominee, owns nearly 57% of DJT’s outstanding shares. That stake at Thursday morning’s price was worth about $1.7 billion — almost half of Trump’s estimated on-paper net worth.

Stock Chart IconStock chart icon

Trump Media shares slide with DJT sale restrictions set to lift

Trump Media (DJT) Stock Price

But Trump, and other early investors, have been barred from selling their shares under a lockup agreement that took effect when the company went public following a merger with a blank-check firm in late March.

Those restrictions are set to expire as soon as Thursday afternoon.

Trump Media has acknowledged in regulatory filings that the end of the lockup could spur large sales of the company’s stock, and even the market’s perception of a sell-off could drive down DJT’s stock price.

Trump, the majority shareholder, said Friday that he has no plans to sell his stake. His assurance sent the stock soaring higher, though it has since given up those gains.

Other company insiders, however, might try to cash in as soon as they get a chance to do so.

The company’s fortunes are tied up with those of Trump, whose use of Truth Social makes him a main draw to the platform.

After soaring in its public trading debut, Trump Media has suffered a monthlong stock slump that has coincided with Trump’s tumultuous presidential campaign against Democratic nominee Kamala Harris.

The decline has shaved billions of dollars off Trump Media’s market value, bringing it closer in line with what some analysts say the company is actually worth.

Trump Media’s earnings reports show it has lost around $344 million on revenue of less than $2 million in the first half of the year. Its revenue depends entirely on ad sales, but its lone product, Truth Social, generates just a fraction of the user base of more established social media sites.

Yet the company still boasts a market capitalization of around $3 billion, as some retail investors appear to be buying into it as a way to support Trump or bet on his political standing.

Read more CNBC politics coverage

After Trump narrowly survived an assassination attempt at a campaign rally in July, Trump Media shares skyrocketed. But the stock began to fall later that month, around the time Harris replaced President Joe Biden as the Democratic nominee and quickly narrowed Trump’s lead in the polls.

The stock rose again in advance of the Sept. 10 presidential debate, which some saw as a bigger risk for Harris than Trump. But after Trump’s performance drew poor reviews — both in the polls and from a number of conservative commentators — DJT shares plummeted to a new post-merger low.

With the lockup expiration looming, Trump Media has sought an injunction that would block ARC Global, a sponsor of the merger that took the company public, from immediately selling its shares.

A judge in Florida said Wednesday that he would not grant an injunction.

A Delaware judge had ruled Monday that Trump Media breached an agreement with ARC and must grant the investor a larger share of its stock.

This is developing news. Please check back for updates.

Credit: Source link

ShareTweetSendSharePin
Previous Post

The best early deals we found ahead of the October Big Deal Days sale

Next Post

PlayStation’s 30th anniversary PS5 and PS5 Pro consoles are so very pretty

Related Posts

Elon Musk’s X and Starlink face daily fines in Brazil for ban evasion
News

Elon Musk’s X and Starlink face daily fines in Brazil for ban evasion

September 19, 2024
Amazon introduces Amelia, an AI assistant for third-party sellers
News

Amazon introduces Amelia, an AI assistant for third-party sellers

September 19, 2024
Alibaba launches over 100 new AI models, releases text-to-video generation
News

Alibaba launches over 100 new AI models, releases text-to-video generation

September 19, 2024
China looks for domestic Nvidia rival — but that’s proving challenging
News

China looks for domestic Nvidia rival — but that’s proving challenging

September 19, 2024
Ray Dalio calls upcoming U.S. election the most consequential of his lifetime
News

Ray Dalio calls upcoming U.S. election the most consequential of his lifetime

September 19, 2024
Fed cuts rates by a half point at September 2024 meeting
News

Fed cuts rates by a half point at September 2024 meeting

September 18, 2024
Next Post
PlayStation’s 30th anniversary PS5 and PS5 Pro consoles are so very pretty

PlayStation’s 30th anniversary PS5 and PS5 Pro consoles are so very pretty

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Snap unveils latest AR glasses, despite core business struggling

Snap unveils latest AR glasses, despite core business struggling

September 17, 2024
What to expect from Apple’s iPhone 16 event later today

What to expect from Apple’s iPhone 16 event later today

September 9, 2024
Federal Reserve unveils new banking regulation in Wall Street victory

Federal Reserve unveils new banking regulation in Wall Street victory

September 10, 2024
Top economist Mohamed El-Erian says traders are too aggressive on Fed rate cut expectations

Top economist Mohamed El-Erian says traders are too aggressive on Fed rate cut expectations

August 23, 2024
Infant monitoring company Owlet expands across Europe

Infant monitoring company Owlet expands across Europe

September 4, 2024
Shinjiro Koizumi could be a top contender in Japan’s leadership election

Shinjiro Koizumi could be a top contender in Japan’s leadership election

August 29, 2024
Mets’ Jose Quintana looks to position himself for potential playoff start

Mets’ Jose Quintana looks to position himself for potential playoff start

September 7, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Titans’ Will Levis bombarded with texts after phone number leaks
  • U.S. ranks worst, Australia best in 2024 survey of health care systems
  • Elon Musk’s X and Starlink face daily fines in Brazil for ban evasion
  • Aaron Rodgers’ wild journey from crushing injury to Jets home opener

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In