(Bloomberg) — Donald Trump’s social media startup tumbled on Monday, extending a two-week slump, after the company took a first step toward allowing the former president and other insiders to capitalize on their stakes.
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Trump Media & Technology Group Corp., parent of Truth Social, filed to register shares, including those linked to warrants. The move could ultimately bring forward sales from insiders that are currently not permitted until September.
The stock slumped 18% to $26.61, cutting its year-to-date gain to 52%, after touching the lowest level since before Trump’s rival Ron DeSantis quit the primary race in January. DeSantis’s exit sparked an 88% spike to extend a rally that began after Trump’s victory in the Iowa caucuses.
The firm behind Truth Social has captivated individual investors who piled into the stock as a way to show support for…
