In an interview with Varney & Co., Sound Planning Group CEO David Stryzewski discussed the early success of Trump’s social media platform and what it reveals about investors’ affinity for the 45th president. On Monday, the parent company of former President Donald Trump’s Truth Social platform filed to sell millions more shares, causing its stock price to drop more than 15%.
According to an SEC filing, TMTG may issue an additional 21.5 million shares in the near future, which could result in a potential sale of 146.1 million shares of the social media company. Of these shares, 114.8 million are owned by Trump himself.
Despite this news, TMTG’s stock price has been on a downward trajectory since its debut on March 26, falling 60% from its opening price of $70.90. This decline has coincided with other challenges facing Trump, including his ongoing trial related to hush money payments to Stormy Daniels in a New York City courtroom. This marks him as the first former president to face criminal prosecution.
The trial against Trump is being closely watched by FOX Business, as well as Reuters and Lawrence Richard and Maria Paronich who contributed to this report
