Key Points
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Shares of Truth Social’s parent company fell on Thursday, continuing the stock’s latest slide.
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The stock traded at $70 shortly after its initial public offering through a merger with a blank-check company in March. It now trades around $15.
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This week, investors turned their attention to the expected end of the lock-up period for former President Trump and other insiders.
Shares of Truth Social’s parent company fell Thursday, continuing the latest round of declines for Trump Media & Technology Group (DJT) since it took its current form in late March.
Shortly after its IPO in March, following a merger with a blank-check company, the stock traded as high as $70. Since then, however, shares have fallen relatively consistently.
They rose after former President Donald Trump’s June debate with President Joe Biden and an assassination attempt on Trump in July. Biden’s replacement by Vice President Kamala Harris at the top of the Democratic ticket and the first debate between Harris and Trump have weighed on the stock, which closed just under $15 on Thursday.
Trump denies intention to sell DJT shares
This week, investors’ attention is focused on another event: the expected end of a lockup period that prevented Trump, a company executive and several other insiders from selling their shares. Trump owned nearly 60% of the company’s outstanding shares, according to an August regulatory filing.
Last week, Trump made statements indicating his support for DJT stock. “My intention is to own this stock for a long period of time,” he wrote on Truth Social on Friday. And in a television interview that same day, he said, “I don’t want to sell my stock. I’m not going to sell my stock.”
DJT stock has been steadily falling this week, closing down nearly 6% on Thursday.
Read the original article on Investopedia.
