Trump Media stock closes at new postmerger low on eve of 'lockup' expiration

• Shares of Truth Social owner Trump Media ended the day at new lows on the eve of the expiration of "lockup" restrictions, which bar company insiders such as majority shareholder Donald Trump from selling their stakes.
• Shares fell 3.22% to close the trading day at $15.62 a share.
• Shares shot up as much as 25% Friday after the former president said he had "absolutely no intention of selling" his nearly 57% stake, but the stock has been on a steady decline ever since.

Shares of Trump Media closed Wednesday at a new postmerger low on the eve of the expiration of "lockup" restrictions that have barred Truth Social owners' insiders, such as majority shareholder Donald Trump, from selling their stakes.

Trump Media stock fell 3.22% on relatively light trading, to close at $15.62 a share. At Wednesday's closing stock price, the company had a market capitalization of $3.126 billion.

Trump Media made its market debut on the Nasdaq in late March after a merger with a special purpose acquisition company.

Trump and others who received stock in the company before it went public were not allowed to sell any of these shares for approximately 180 days, under the common initial public offering provision called a lockup agreement.

For Trump Media, the lockup period expires Thursday.

Last week, shares shot up as much as 25% after the Republican presidential nominee said he had "absolutely no intention of selling" any of his nearly 57% stake in Trump Media.

The stock ultimately closed up 11% on Friday. But since then, it has been on a steady decline.

At Wednesday's closing stock price, Trump's stake in the company was worth roughly $1.8 billion. On paper, this amounted to nearly half of Trump's personal net worth of $3.9 billion, as tallied