Shares of Trump Media & Technology Group slumped to their lowest level ever Friday, the first trading day that its biggest shareholder, former U.S. president Donald Trump, is free to sell his stake in the company behind the Truth Social platform.
Shares of Trump Media, commonly called TMTG, tumbled almost eight per cent to close at US$13.55, putting the value of the company at less than $3 billion. Trump owns more than half of it.
Trump and other insiders in the company have been unable to cash in on the highly volatile stock due standard lock-up agreements that prevent big stakeholders from selling stakes for a set period after a company becomes publicly traded. TMTG began trading publicly in March.
Trump owns nearly 115 million shares of the company, according to filings with the …