Trump Media shares fall to new lows as restrictions on insider selling expire By Reuters

Shares of former US President Donald Trump’s media company fell more than 5% to a new low on Monday, extending losses suffered after restrictions on insider sales expired.

Six straight sessions of declines at Trump Media & Technology Group, which is 57% owned by the Republican presidential candidate, have brought its market cap to $2.5 billion.

Shares of the company, which operates the Truth Social app, were last trading at $12.76 after falling as low as $12.56, the lowest level since its IPO in March.

The stock has since fallen about 13% since restrictions on insider selling were lifted on Thursday.

Trump Media saw its value soar to nearly $10 billion after its debut on Wall Street, cheered by Trump supporters and private traders who saw it as a speculative bet on his chances of a second four-year term as president.

Since then, shares of Trump Media have fallen steadily, with the declines accelerating after President Joe Biden abandoned his failed re-election campaign on July 21.

The stock market’s losses in recent months have been far greater than the decline in Trump’s chances of winning the election.

Trump is leading among likely voters in the crucial states of Arizona, Georgia and North Carolina, surpassing U.S. Vice President Kamala Harris, a New York Times/Siena College poll showed Monday. That’s consistent with other recent polls showing a close race ahead of the Nov. 5 presidential election.

Trump said in an interview on Sunday that he would not run for president for a fourth time in a row if he loses the Nov. 5 election.

On Monday, PredictIt contracts for a Trump election victory were trading at 46 cents, with a potential payout of $1. Trump contracts peaked at 69 cents in mid-July. Contracts for a Harris victory were trading at 57 cents, little changed in the past two weeks.

Trump, whose stake in Trump Media is now worth about $1.4 billion, said on Sept. 13 that he had no plans to sell his shares, instead focusing on other major stakeholders who could potentially benefit.

United Atlantic Ventures and Patrick Orlando, whose fund ARC Global Investments II sponsored the blank-check company that merged with Trump Media in March, together own about 11% of Trump Media’s stock, according to a company document.