Trump Media plunges amid plan to issue more shares. It's lost $7.2 billion of value since its peak.
CBSN
After a short-lived honeymoon, former President Donald Trump's media company is experiencing a rough reception on Wall Street. Trump Media & Technology Group — which trades under the ticker DJT, his initials — tumbled 18% in Monday afternoon trading, a drop that follows last week's 21% plunge.
The sharp drop in value comes after Trump Media, whose primary asset is Truth Social, the social media platform, on Monday filed a document with the U.S. Securities and Exchange Commission that opens the door for the future potential sale of millions of shares. The document, called an S-1, relates to warrants held by investors that can be transformed into shares of stock, as well as shares held by company insiders.
The filing also includes all the shares held by the former president. Trump, however, remains under a "lockup" deal that largely restricts him from selling his shares for another roughly five months. His son, Donald Trump Jr., who is a director on the board, and CEO Devin Nunes, are also bound by the lockup.
President Trump is suing the Internal Revenue Service and Treasury Department for at least $10 billion, claiming the agencies unlawfully allowed an IRS contractor to leak his tax returns and those of his sons and company.
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