Shares of Trump Media have slumped to new lows on the first trading day that its biggest shareholder, former President Donald Trump, is free to sell his stake in the company behind the Truth Social platform. Shares of Trump Media tumbled almost 8% to close Friday $13.55, putting the value of the company at less than $3 billion. Trump owns more than half of it. Trump and other insiders in the company have been unable to cash in on the highly volatile stock due standard lock-up agreements that prevent big stakeholders from selling stakes for a set period after a company becomes publicly traded. TMTG began trading publicly in March. It’s down 83% from its peak.
