During a recent interview on Varney & Co, Sound Planning Group CEO David Stryzewski discussed the early success of Trump’s social media platform and what it implies about investors’ affection for the 45th president. On Monday, Trump Media & Technology Group’s (TMTG) stock price plummeted by over 15% following the announcement that the parent company of former President Donald Trump’s Truth Social platform plans to sell millions more shares. TMTG, which is listed on the Nasdaq under the symbol “DJT,” disclosed in an SEC filing that it could potentially issue an additional 21.5 million shares in the coming months.
In the same filing, it was revealed that 146.1 million shares of the social media company, including 114.8 million shares owned by Trump himself, could be sold upon the exercise of certain warrants issued during TMTG’s public debut through a blank-check merger with Digital World Acquisition Corp. Shares of TMTG have sharply declined since their market launch on March 26, dropping 60% from their opening price of $70.90.
Meanwhile, on Monday, former President Donald Trump appeared in a New York City courtroom as jury selection commenced in a trial linked to hush money payments to Stormy Daniels. It marks the first time a former president has faced criminal prosecution in U.S history. FOX Business’ Lawrence Richard, Maria Paronich, and Reuters contributed to this report.
