Trump Media shares tank after company says it could sell more stock

By Thomson Reuters Apr 15, 2024 | 9:01 AM

(Reuters) – Shares of Donald Trump’s social media company slumped 12% on Monday, extending their string of losses, after the company said in a regulatory filing that it could sell millions of additional shares in coming months.

The filing showed a potential sale of 146.1 million shares including 114.8 million shares owned by Trump himself.

It also listed an additional 21.5 million shares that could be sold upon the exercise of certain warrants issued when the company went public through a blank-check merger with Digital World Acquisition Corp.

Shares of Trump Media & Technology Group have retreated sharply since their market debut on March 26, falling 60% from the opening price of $70.90.

Trump, a former U.S. president and presumed Republican 2024 nominee, is on trial in a Manhattan court related to hush money payments to a porn star.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Anil D’Silva)