Trump Media Stock Nosedives Again

Trump Media and Technology Group shares plunged again on Monday, falling more than 16% after the company filed to make millions more shares potentially available for sale. The filing with the Securities and Exchange Commission is a first step toward allowing majority shareholder Donald Trump and other insiders to sell their stakes in the company, Bloomberg reports. The S-1 document "relates to warrants held by investors that can be transformed into shares of stock, as well as shares held by company insiders," per the AP.

As things stand, Trump and other insiders aren't allowed to sell shares until September, but the filing could bring the sales forward. Bloomberg notes the filing is routine in "blank-check" deals like the merger that brought Trump Media shares to the market and "does not necessarily indicate that a sale has begun, or will occur in the future." The company's share price is now down more than 60% from its peak late last month. According to the AP, Trump's stake in the company is currently worth up to $3.2 billion, including a potential $1 billion windfall depending on company performance, down from almost $7.2 billion on March 27. (More Trump Media and Technology Group stories.)