Trump Media shares dive as insider selling restrictions expire
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The news: Shares of former US President Donald Trump's media company Trump Media extended losses on the Nasdaq, after restrictions on insider selling expired last week.
The numbers: Trump Media & Technology Group, which is 57% owned by the Republican presidential candidate, saw its shares fall 10.3% on Monday, before parring some losses in after-hours trading on Wall Street.
The company has now seen six straight sessions of declines, leaving shares at their lowest close since Trump Media's stock market debut in March. The stock has declined 17% since restrictions on insider selling lifted on Thursday.
The context: The slump for the stock comes after a six-month lockup period on shares held by Trump Media insiders — including Trump and the company's directors — expired at the end of regular trading last Thursday.
Trump Media, which operates the Truth Social app, saw its value rocket to nearly USD10 billion ($14.6 billion) following its Wall Street debut, but has now reduced to less than USD2.4 billion.
Earlier this month, Trump said he did not plan to sell his shares.
The source: Reuters
