Trump Media & Technology Group shares ended 8.4% down on Monday, extending a selloff that has dropped majority owner Donald Trump’s stake to $2.9 billion. The stock closed at $37.17, a drastic fall from its March 26 debut at $79.
The company disclosed millions of dollars in losses earlier this month, noting that it would have trouble meeting its financial liabilities. Overall, the group’s shares have fallen around 40% in April.
Trump is expected to eventually sell shares to raise funds for his ongoing presidential campaign, as well as legal expenses. However, a six-month lock-up restriction means he’s currently not allowed to sell or borrow against his shareholding.
Trump Media & Technology Group is now worth around $5.55 billion. The former president owns approximately 78.75 million shares.
