Pavlo Gonchar | Light rocket | Getty Images
Stock chart iconStock chart icon
Trump Media & Technology Group Corp. stock price
Trump Media’s stock price has risen sharply since its stock market debut as retail investors and short sellers bought and sold the company linked to the controversial presumptive Republican presidential nominee.
But the trend over the last three weeks has been consistently negative: Since May 30, when a New York jury convicted Trump of 34 counts of falsifying business documents, the stock has now lost more than half of its value.
Read more about CNBC’s politics coverage
It’s not clear whether the conviction itself triggered this decline – although the company acknowledged in SEC filings that “an adverse outcome in one or more of the ongoing legal proceedings involving President Donald J. Trump would have a negative impact.” TMTG and its companies could impact “Truth Social Platform.”
Some analysts attributed the share price decline to the U.S. Securities and Exchange Commission’s approval of Trump Media’s registration of additional shares.
The SEC clearance, announced after the bell on Tuesday, allows early investors in the company to resell certain shares and exercise stock warrants, which threatens to dilute the share price.
However, Truth Social has indicated that it could receive net proceeds of up to $247 million if all warrants were exercised for cash.
This is developing news. Please check back for updates.
Source link
2024-06-21 15:58:44
www.cnbc.com
