On Wednesday, Trump Media & Technology Group Inc. stock was up almost 11% because insiders had not filed any new stock sales paperwork by the due date of two days ago.
On Tuesday, the two-day window for disclosing stock sales ended. This included when a company executive or inside shareholder, like Donald Trump, chose to sell all or part of their ownership stake.
People who owned shares in Trump Media & Technology DJT 6.98% could start selling them on Friday. This ended the normal six-month lockup period after the stock’s debut, which happened because the company merged with blank-check company Digital World Acquisition Corp. in March.
There is no longer any doubt about when the lockup will end, and for now, no new shares of stock are coming onto the market to dilute the stock float.
Trump, who was the Republican presidential nominee and later became president, owns 114.75 million shares of Trump Media, which is 57% of the company’s stock.
FactSet data shows that Trump Media stock is down 38% in the last month and 12% so far this week, including moves on Wednesday.
The price of the stock recently went up $1.34 to $14.13 a share.
Trump owned about $1.5 billion worth of stock in the small social media company as of Tuesday’s close of $12.79 per share.
Trump Media & Technology has been more of a meme stock, trading more on how people feel about Trump’s campaign than on the company’s fundamentals. The company is still very small and not making any money—it made less than $840,000 in sales in the second quarter and lost $16.4 million.
On the campaign trail on Wednesday, Trump laid out his economic plan on Tuesday, and on Wednesday, Kamala Harris, the Democratic candidate for president, was going to talk about her plans to help create jobs.
Trump told the press earlier this month that he had no plans to sell any of his Trump Media & Technology shares.
