Trump Media’s 69% Plunge Wipes Out Billions Before Lockups End
- Shares fall in 22 of last 27 sessions, losing 46% of value
- Trump’s personal profit from deal takes $3.7 billion haircut
Donald Trump during a Fox News Town Hall with Sean Hannity, not pictured, in Harrisburg, Pennsylvania, on Sept. 4.
Photographer: Al Drago/BloombergThe stock price of Donald Trump’s media company is sinking just as the lockup period from its blank-check deal is about to end, potentially flooding a saturated market with even more shares.
Trump Media & Technology Group Corp., which was worth nearly $10 billion in mid-May, has fallen 69% since its market capitalization peaked on May 9 and is now worth less than $3.4 billion. The selloff has accelerated in the past month, with the shares falling in 22 of the 27 sessions through Wednesday’s close and losing more than 45% in the process. That pressure is only expected to increase when the deal lockup expires as soon as Sept. 19 and insiders can start unloading their equity.