Trump Media stock slides again to bring it nearly 60% below its peak as euphoria fades

NEW YORK (AP) — The stock price for Donald Trump’s social media company slid again Monday, pushing it nearly 60% below its peak set late last month.

Trump Media & Technology Group was down 16.8% at $27.10 in midday trading as more of the euphoria that surrounded the stock fades. It’s a sharp comedown since nearing $80 after the owner of Truth Socialmerged with a shell company to get its stock trading on the Nasdaq under the symbol “DJT,” for Trump’s initials.

Part of the decline may be due to criticism that the stock price had zoomed way past what skeptics said the money-losing company is worth, particularly one with tough odds for success. But another part is also likely because of action Trump Media took Monday.

The company filed documents with the U.S. Securities and Exchange Commission that open the door for the future potential sale of millions of shares. The document, called an S-1, relates to warrants held by investors that can be transformed into shares of stock, as well as shares held by company insiders.

The filing also includes all the shares held by the former president. Trump, though, remains under a “lock-up” deal that largely restricts him from selling his shares for another roughly five months. His son, Donald Trump Jr., who is a director on the board, and CEO Devin Nunes, are also bound by the lock-up.

<bsp-list-loadmore data-module="" class=«PageListStandardB» data-gtm-region=«READ MORE» data-gtm-topic=«No Value» data-show-loadmore=«true» data-gtm-modulestyle=«List B»> <bsp-custom-headline custom-headline=«div»> READ MORE </bsp-custom-headline> <bsp-custom-headline custom-headline=«div»> Trump Media stock falls more than 21% after company discloses $58 million loss for 2023 </bsp-custom-headline>