'Just a pump and trump': Internet in splits after Trump Media & Technology Group's shares plummet

MANHATTAN, NEW YORK: On Monday, April 15, the shares of Trump Media & Technology Group, the social media company owned by former President Donald Trump, experienced a decline of 18%, extending the string of losses since its initial public offering (IPO).

The company has announced plans to sell millions of additional shares in the coming months, including the entire stake held by the former POTUS, according to the New York Post.

The market debut of the company on March 26 has been volatile, with both avid supporters of the former president and short-sellers who view the stock as overvalued taking an interest.

Since the IPO, the shares have plummeted over 60%, with a peak of $70.90 on the first day of trading. On Monday, the shares closed at $26.61, down $5.98.

Why are Trump Media shares continuing to tank?

The filing on Monday is considered a routine event following a company’s IPO, and it presented a potential sale of 146.1 million shares, including the 114.8 million shares held by the 77-year-old MAGA strongman.

The latter is divided between the 78.75 million shares that he currently owns and an additional stake he may receive upon the fulfillment of certain performance-based requirements.

A lawyer told last week, “It’s worth noting that if they put up this registration statement for Trump shares, I wouldn’t take as a signal of anything.”

“It’s completely normal to put that up for your stockholders, even when they’re locked up for a year,” the lawyer said.

The 2024 presumed Republican nominee for the upcoming general election is currently facing a criminal trial in a court located in Manhattan.

The charges against him are related to hush money payments that he allegedly made to a porn star, however, despite the allegations, he has pleaded not guilty.

Furthermore, an additional 21.5 million shares have been listed in a recent filing. These shares can be sold upon the exercise of certain warrants that were issued when the company went public.

Internet elated as Trump Media Group plummets

People on X ridiculed the slump by Truth Social parent company since its IPO.

One user remarked, "He’s better on Twitter anyways."

Another user wrote, "It's just a pump and trump."

Another user wished, "May they drop below the $17 mark."

One user argued, "The fact his share of the stock is worth 3BN, in of itself is ludicrous. The company turned 1.8M last year and had costs in excess of $60M."

Another X user asked, "But, for @realDonaldTrump, if he lacks competence in financial and political management, he is lucky, some would say that in this criterion he is capable of performing true miracles. How much would you invest in Trump stocks? Do you really trust that there was a "clean deal"?"

A user tweeted, "Pump and Dump!"

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.