The stock price of Trump Media & Technology Group Corp. dropped 10% at the end of trading on Monday, just two days before an important deadline for insiders to report sales of shares in the parent company of Donald Trump’s Truth Social platform.
Following a merger with Digital World Acquisition Corp. in March, DJT went public, and its share price dropped by $1.40 to $12.15. This was the stock’s lowest ending price since then.
On Friday, a six-month ban on insiders selling shares came to an end.
The law in the U.S. says that insiders who sell stock must file a Form 4 disclosure within two business days. For insiders who sold stock on Tuesday, September 24, the deadline would have been the end of the day.
Donald Trump, who is running for president as a Republican, owns 114.75 million shares of Trump Media, which is 57% of the company’s stock.
Trump told the press earlier this month that he had no plans to sell any of his Trump Media & Technology shares.
A securities lawyer told MarketWatch last week that if he changes his mind and sells some shares soon, he could get in trouble with the law.
Based on Monday’s stock price of $12.15 per share, Trump’s stake in Trump Media & Technology is worth about $1.4 billion.
US Ventures owns 7.4 million shares, and ARC Global Investments II owns 7.525 million shares.
Philip Allen Juhan, who is the chief financial officer of Trump Media & Technology Group, owns 405,000 shares of stock. Eric Swider, who used to be the CEO and is now a director, owns 195,000 shares, and Devin Nunes, who is the CEO, owns about 87,000 shares.
