Trump Media shares close nearly 10% lower as sell-off continues

• Shares of Trump Media & Technology Group fell 9.8% on Tuesday, accelerating the stock's steady slide in recent weeks.
• Trump Media shares are down about 40% since May 30, when a New York jury found former President Donald Trump guilty of 34 felony counts of falsifying business records.
• Tuesday's sell-off coincided with a June 18 deadline that could permit some of the company's investors to exercise stock warrants.

Shares of Trump Media & Technology Group fell nearly 10% on Tuesday, continuing the stock's tumble following the conviction of former President Donald Trump, the company's majority shareholder.

The stock closed at $31.31 Tuesday, on much higher than average trading volume of 7.52 million shares.

Shares of Trump Media, which trades under the ticker "DJT," are down about 40% since May 30, when a New York jury found Trump guilty of 34 felony counts of falsifying business records.

Tuesday's sell-off coincided with a June 18 deadline that could see some of the company's investors exercise stock warrants.

In a filing with the Securities and Exchange Commission on April 15, Trump Media disclosed its plans to offer nearly 21.5 million shares of common stock issuable "upon the exercise of warrants."

Late Tuesday, the company announced that the SEC had declared its registration effective "TMTG's warrants covered by the Registration Statement have now become eligible for cash exercise," the company announced.

Within minutes of the filing of the 8K announcement, Trump Media stock had fallen more than 15% in after hours trading.

The company also amended its registration statement Tuesday to warn investors that there was little it could do to stop former President Donald Trump from using other social media platforms,