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Trump media Shares fell 8% on Tuesday as former President Donald Trump qualified for an expected earnout bonus.
DJT closed at $32.57 per share, about 50% below last month’s opening price of more than $70.
Trump will receive an additional 36 million shares worth about $1.15 billion as the stock closed above a minimum price of $17.50.
The earnout was contingent on the stock reaching the benchmark on 20 trading days within a 30 trading day period.
Trump, DJT’s majority shareholder, already owns 78.75 million shares. The former president’s stake in the company will be worth about $3.7 billion with the earnout bonus.
A spokesperson for Trump Media did not respond to CNBC’s request for comment on the earnout.
The company also released a statement on Tuesday highlighting measures shareholders could take to prevent their shares from being borrowed for short selling. On Friday, Trump Media warned the Nasdaq CEO of “potential market manipulation” of the company’s shares through “naked” short selling of stocks.
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2024-04-23 20:44:15
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