If Trump himself was the one to dump his stock, he would instantly open himself to investigations by the SEC and lawsuits for lying to investors
https://www.mediaite.com/trump/trump-media-stock-craters-after-wild-bloomberg-interview/Investors and day traders apparently did not like what they heard from former President Donald Trump on Tuesday.
Trump gave a whirlwind interview with Bloomberg Editor-in-Chief John Micklethwait on Tuesday, during which the ex-president once again promoted tariffs as an economic panacea, slammed the Federal Reserve, gave irrelevant responses, and told his interlocutor, “You’ve been wrong all your life on this stuff.”
The interview began at 12:49 p.m. ET and lasted until 1:53 p.m. ET. When it started, shares of Trump Media & Technology Group – the company that owns Trump’s Truth Social platform – were trading at $32.74 – above the opening price of $32.19. By the time Trump was done taking questions, the stock was down modestly to $31.89 before giving way to a precipitous downward move that saw the price bottom out at $25.16. About 90 minutes before the closing bell, shares rallied somewhat and ended the day at $27.06, losing $5.13 a share for the session. The wild moves prompted an automatic halt in trading on the NASDAQ.
Trump is a majority shareholder in Trump Media Company & Technology, owning about 57% of the shares. The company went public in March, but Trump and other insiders were prohibited from selling any stock in the company until the lockup period expired last month.
The former president’s company is in poor financial health. Last year, it lost $58.2 million while hauling in just $4.1 million in revenue. Nonetheless, Trump’s stake is worth more than $3 billion after Tuesday. However, were he inclined to sell significant quantities in short order, he could singlehandedly cause the stock to crash.
