Republican presidential candidate and former U.S. President Donald Trump looks frustrated during a news conference at Trump National Golf Club in Rancho Palos Verdes, California, September 13, 2024 .
David Swanson | Reuters
shares Trump Media On Wednesday, the stock closed at a new post-merger low on the eve of the expiration of “lock-up” restrictions.
Due to relatively light trading, Trump Media’s stock price fell 3.22% to close at $15.62 per share. Based on Wednesday’s closing price, the company’s market capitalization was $3.126 billion.
Trump Media listed on Nasdaq at the end of March after merging with a special purpose acquisition company.
Under common IPO terms called lock-up agreements, Trump and others who acquired shares in the company before it went public were barred from selling any of those shares for about 180 days.
For Trump Media, the blackout period expires on Thursday.
Last week, the Republican presidential candidate said he had “absolutely no intention of selling” his nearly 57% stake in Trump Media, sending the company’s shares soaring 25%.
The stock ultimately closed up 11% on Friday. But it has been steadily declining since then.
Based on Wednesday’s closing stock price, Trump’s stake in the company is worth about $1.8 billion. According to statistics, on paper, this is equivalent to nearly half of Trump’s personal net worth of $3.9 billion. Forbes.
Shares of Trump Media closed down more than 6% on Tuesday, a day after a Delaware judge ruled that Trump Media breached its contract with early investors who helped take the company public.
A judge ruled that Trump Media must grant investor ARC Global a larger share of stock than it had previously expected. ARC Global currently holds a 4.77% stake in Trump Media, which may be free to sell once the lockup expires on Thursday.
Shares also fell on Monday, closing nearly 4% lower, a day after Trump was apparently the target of a second assassination attempt.
Monday’s decline contrasted with a rise in stock prices on July 15, the first day of trading after Trump survived an assassination attempt.
The stock is now down more than 61.66% since the July assassination, which was also its recent high. Since the merger in March, the stock has fallen 76.5% overall.
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