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shares Trump Media The company’s shares soared 11% at the open on Tuesday, recouping more losses from former President Trump’s conviction in New York.
The upward move showed Trump Media rising for a third day in a row, with the company trading at DJT on Nasdaq.
The stock soared 21% on Monday, adding hundreds of millions of dollars to the company’s market value and rising the paper net worth of Trump, who owns nearly 65% of Trump Media.
The Republican presidential candidate is prohibited from selling any shares until a post-merger lockup period expires at the end of September.
The company’s shares closed up more than 3% on Friday, ending a weeklong sell-off that began after a Manhattan jury found Trump guilty of 34 felony counts of falsifying business records.
From the verdict on May 30 to the end of last week, the company’s stock price fell 46%.
While it’s unclear whether the verdict caused the stock price to plummet, the company said in a regulatory filing that adverse outcomes for Trump in his numerous legal disputes “could have a negative impact on TMTG and its Truth Social platform.”
The economic downturn also coincided with the U.S. Securities and Exchange Commission’s after-hours approval on June 18 for registration of additional stock issuance by Trump Media.
This registration allows early investors to resell certain shares and exercise previously issued warrants. Warrants give their holders the ability to purchase shares at a predetermined price within a certain time frame.
Trump Media said Friday it expects to earn more than $69.4 million from warrants exercised on Thursday and Friday alone.
This is developing news. Please check back for updates.
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