Trump Media skids to new low on the first day the former president can sell his shares
Shares of Trump Media & Technology Group slumped to their lowest level ever Friday, the first trading day that its biggest shareholder, former U.S. president Donald Trump, is free to sell his stake in the company behind the Truth Social platform.
Shares of Trump Media, commonly called TMTG, tumbled almost eight per cent to close at US$13.55, putting the value of the company at less than $3 billion. Trump owns more than half of it.
Trump and other insiders in the company have been unable to cash in on the highly volatile stock due standard lock-up agreements that prevent big stakeholders from selling stakes for a set period after a company becomes publicly traded. TMTG began trading publicly in March.
Trump owns nearly 115 million shares of the company, according to filings with the Securities and Exchange Commission. Based on TMTG's share price early Friday, Trump's holdings are worth, at least on paper, about $1.6 billion. It's usually not in the best interest of big stakeholders to even attempt to sell large tranches of their stock because it could risk a broader sell-off.
Since going public, shares in Trump Media have gyrated wildly, often depending on news related to Trump, the Republican presidential nominee.
One week ago, the company's shares jumped nearly 12 per cent after Trump said he wouldn't sell shares when the lock-up period lifted. The stock dipped more than 10 per cent following the debate earlier this month between Trump and the Democrats' nominee, U.S. Vice-President Kamala Harris. In mid-July, shares climbed more than 31 per cent in the first day of trading following the first assassination attempt on Trump.
Trump Media & Technology Group Corp. is now worth considerably less than several months ago. When the company made its debut on the Nasdaq in March, the shares hit a high of $79.38. Friday's closing price represents a decline of 83 per cent from that peak.
Truth Social came into existence after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. Based in Sarasota, Florida, Trump Media has been losing money and struggling to raise revenue. It lost nearly $58.2 million last year while generating only $4.1 million in revenue, according to regulatory filings.
CTVNews.ca Top Stories
Trudeau's 2024: Did the PM become less popular this year?
Justin Trudeau’s numbers have been relatively steady this calendar year, but they've also been at their worst, according to tracking data from CTV News pollster Nik Nanos.
Manhunt underway after woman, 23, allegedly kidnapped, found alive in river
A woman in her 20s who was possibly abducted by her ex is in hospital after the car she was in plunged into the Richelieu River.
Toronto firefighters rescue man who fell into sinkhole in Yorkville
A man who fell into a sinkhole in Yorkville on a snowy Friday night in Toronto has been rescued after being stuck in the ground for roughly half an hour.
Overheated immigration system needed 'discipline' infusion: minister
An 'overheated' immigration system that admitted record numbers of newcomers to the country has harmed Canada's decades-old consensus on the benefits of immigration, Immigration Minister Marc Miller said, as he reflected on the changes in his department in a year-end interview.
Death toll in attack on Christmas market in Germany rises to 5 and more than 200 injured
Germans on Saturday mourned both the victims and their shaken sense of security after a Saudi doctor intentionally drove into a Christmas market teeming with holiday shoppers, killing at least five people, including a small child, and wounding at least 200 others.
Wild boar hybrid identified near Fort Macleod, Alta.
Acting on information, an investigation by the Municipal District of Willow Creek's Agricultural Services Board (ASB) found a small population of wild boar hybrids being farmed near Fort Macleod.
Summer McIntosh makes guest appearance in 'The Nutcracker'
Summer McIntosh made a splash during her guest appearance in The National Ballet of Canada’s production of 'The Nutcracker.'
22 people die in a crash between a passenger bus and a truck in Brazil
A crash between a passenger bus and a truck early Saturday killed 22 people on a highway in Minas Gerais, a state in southeastern Brazil, officials said.
Back on air: John Vennavally-Rao on reclaiming his career while living with cancer
'In February, there was a time when I thought my career as a TV reporter was over,' CTV News reporter and anchor John Vennavally-Rao writes.
Local Spotlight
School custodian stages surprise for Kitchener, Ont. students ahead of holiday break
He’s no Elf on the Shelf, but maybe closer to Ward of the Board.
'Theodore Too' refloated after partial sinking in St. Catharines
The life-size replica of Theodore Tugboat, Theodore TOO, is upright again after suffering a partial sinking Tuesday.
Appeal dismissed in Sask. 'thumbs up' emoji case
An appeal to a legal case that made international headlines has been dismissed by Saskatchewan's highest court.
B.C. man drops camera into ocean, accidentally captures 'breathtaking' whale video
Before it turned into an extraordinary day, Peter Mieras says it began being quite ordinary.
Freezing rain turns streets into skating rinks, literally in this Sask. community
They say the world is your oyster, and the streets are your stating rink – or at least they are in this Saskatchewan community.
Caught on camera: Porch pirate steals dirty diapers from Edmonton step
A would-be thief got away with a bag of dirty diapers after snagging what they thought was a package off an Edmonton porch.
Saskatchewan art gallery hopes to find artist of pristine Tommy Douglas mural
For the last five years, the Weyburn Art Gallery have been trying to find any information relating to the artist behind a massive mural they found of Tommy Douglas.
Canadian hero Terry Fox being featured on next $5 bill
The federal government is paying tribute to Canadian hero Terry Fox by featuring him on the next $5 bank note, officials revealed Monday.
Son of Ottawa firefighter battling cancer meets his hero Sidney Crosby
The son of an Ottawa firefighter had the chance of a lifetime to meet one of hockey's greatest players.