All posts tagged: DJT

Trump Media COO quits; DJT turns over more shares to SPAC investor in court fight

Trump Media COO quits; DJT turns over more shares to SPAC investor in court fight

Published by Sam

A smartphone displays the logo of Donald Trump’s Truth Social app on March 25, 2024. Anna Barclay | Getty Images Trump Media Chief Operating Officer Andrew Northwall resigned in late September, the company revealed in a regulatory filing Thursday. In the same filing, former President Donald Trump’s social media company announced that it will release nearly 800,000 shares of its stock to an early investor in accordance with a recent order by a Delaware judge. At Thursday’s closing price, those shares would be worth around $12.7 million. The company, which trades on the Nasdaq as DJT, provided no explanation for Northwall’s resignation, but said it “plans to transition his duties internally.” The filing with the U.S. Securities and Exchange Commission made no direct connection between the development in the Delaware lawsuit and the executive’s departure. In mid-September, Delaware Chancery Court Judge Lori Will ruled that Trump Media breached an agreement with ARC Global Investments II, a so-called sponsor of the business merger that took the company public. The legal dispute centered on competing claims about …

Trump Media stock hits new low after DJT lockup lifts

Trump Media stock hits new low after DJT lockup lifts

Published by Sam

Sopa Images | Lightrocket | Getty Images Shares of Trump Media sank Monday to their lowest price since 2021, days after majority owner Donald Trump and other company insiders got the green light to start selling their stakes in the Truth Social operator. The stock, which appears as DJT on the Nasdaq, closed more than 10% lower in a frenzied trading session, settling at $12.15 per share and notching the company’s sixth straight day of declines. Stock Chart IconStock chart icon Trump Media (DJT) Stock Price Trump Media’s share price has fallen nearly 85% since the company surged in its public trading debut in late March. Monday’s decline left the stock at its lowest level since before October 2021, when it was revealed that the blank-check firm Digital World Acquisition Corp. was planning to merge with then-private Trump Media. News of that deal sent shares of DWAC soaring more than 350%. The stock declined in the intervening years, before surging again in the early 2024 in anticipation of the completion of the merger with Trump …

DJT shares plummet more than 10% as hot streak for Trump Media stalls

DJT shares plummet more than 10% as hot streak for Trump Media stalls

Published by skeptic

Former US president Donald Trump announced plans on October 20 to launch his own social networking platform called “TRUTH Social,” which is expected to begin its beta launch for “invited guests” next month. Chris Delmas | AFP | Getty Images Trump Media shares dropped sharply in morning trading Wednesday, shortly after rising above the $50 per share threshold for the first time in nearly a month. Trump Media, which trades under the DJT ticker, rose by more than 8% in early trading, before dropping by more than 10%. The share price stood at $45.59 at 10:26 a.m. ET, an 8.55% decline. The company, which owns the Truth Social app, has seen its share price increase by more than 50% in the past week. But the stock is still trading well below the more than $70 per share it opened at in its public trading debut on March 26. Trump Media in a regulatory disclosure Tuesday confirmed that former President Donald Trump received an extra 36 million shares of the company in a so-called earnout bonus. …

Trump Media CEO says he’ll do ‘whatever it takes’ to defend DJT investors from short sellers

Trump Media CEO says he’ll do ‘whatever it takes’ to defend DJT investors from short sellers

Published by skeptic

Devin Nunes, chief executive officer of Truth Social, speaks during the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, US, on Thursday, March 2, 2023.  Al Drago | Bloomberg | Getty Images Trump Media CEO Devin Nunes on Friday said he would “do whatever it takes” to defend the company’s retail investors from possible illegal short selling of its shares. “If we have to go to the Congress or if we have to take legal action, we will do whatever it takes to defend our retail investors,” Nunes said in an interview with right-wing media outlet Newsmax. Nunes also called out President Joe Biden for mentioning Trump Media’s stock price in a speech earlier this week. “Isn’t that weird?” Nunes said. Delivering remarks in Scranton, Pennsylvania, on Tuesday, Biden took a dig at Donald Trump, his November Republican election opponent, as shares of Trump Media tanked from its more than $70 debut price. “If Trump’s stock in the Truth Social — his — his company — drops any lower, he might do better under my …

Citadel Securities blasts Trump Media CEO over DJT short sale letter

Citadel Securities blasts Trump Media CEO over DJT short sale letter

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Devin Nunes, chief executive officer of Truth Social, speaks during the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, US, on Thursday, March 2, 2023.  Al Drago | Bloomberg | Getty Images Citadel Securities ripped Trump Media CEO Devin Nunes on Friday for a letter he sent to the Nasdaq that mentioned Citadel Securities and other major market companies after warning of possible illegal short selling of Trump Media shares. “Devin Nunes is the proverbial loser who tries to blame ‘naked short selling’ for his falling stock price,” said a spokesperson for Citadel Securities. Citadel Securities’ founder and non-executive chairman, Ken Griffin, is a major donor to Republican candidates — among them Nunes, a former GOP congressman. “Nunes is exactly the type of person Donald Trump would have fired on [The] Apprentice,” said the spokesperson, referring to the former Republican president’s business competition reality TV show. “If he [Nunes] worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do,” the spokesperson added. A spokeswoman …

Trump Media alerts Nasdaq to potential DJT stock manipulation

Trump Media alerts Nasdaq to potential DJT stock manipulation

Published by skeptic

Jonathan Raa | Nurphoto | Getty Images Trump Media has warned the CEO of the Nasdaq Stock Market of ‘potential market manipulation’ of the company’s stock by “naked” short selling of shares. The warning came as Trump Media has offered shareholders detailed instructions on how to avoid someone loaning out their DJT shares to short sellers, who then execute trades betting that the price of the stock will fall. Trump Media disclosed the warning to Nasdaq CEO Adrena Friedman in a filing Friday morning with the Securities and Exchange Commission. DJT’s share price has rallied in recent days, but is still sharply lower than the more than $70 per share it debuted with on March 26. Former President Donald Trump owns nearly 60% of Trump Media shares. The paper value of his stake has dropped by billions of dollars since DJT began public trading last month. Trump Media CEO Devin Nunes in his letter to Friedman did not directly accuse anyone in particular of naked short selling, which is the sale of stocks without first …

Trump Media tells DJT shareholders how to block short sellers

Trump Media tells DJT shareholders how to block short sellers

Published by skeptic

Jonathan Raa | Nurphoto | Getty Images Trump Media is making a point of telling its shareholders how to prevent their stock from being loaned to short sellers — who bet the price of the shares will drop. The short-selling-prevention tips posted Wednesday on Trump Media’s website come as its DJT stock has fallen sharply in price since it began being public trading on March 26 — and as short sellers have taken a keen interest in the owner of the Truth Social app despite relatively high fees to finance such trades. “It certainly shows concern” about short selling of Trump Media stock, said Kevin Murphy, a business professor at the University of Southern California who is an expert on executive compensation. “I haven’t seen it before,” Murphy said when asked how common it is for companies to give shareholders instructions on how to thwart short sellers. “Managers who … think the stock is undervalued aren’t going to be overly concerned about short sellers,” he said. Trump Media’s share price rose sharply on Thursday by …

Trump Media shares plunge after company files to issue additional DJT stock

Trump Media shares plunge after company files to issue additional DJT stock

Published by skeptic

This photo illustration shows an image of former President Donald Trump reflected in a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Stefani Reynolds | AFP | Getty Images Shares of Trump Media plunged more than 17% in premarket trading Monday after the company filed to issue millions of additional shares of stock. Trump Media’s dramatic slide came as Donald Trump headed to a Manhattan court to begin jury selection for his criminal trial on hush money-related charges. Trump is the majority stakeholder in the company. Trump Media, which created the Truth Social app and trades under the stock ticker DJT on the Nasdaq, fell nearly 20% last week. The company’s intent to issue more common stock was made public Monday morning in a “preliminary prospectus” filed to the Securities and Exchange Commission. The shares cannot be issued until a registration statement with the SEC goes into effect. The filing describes a plan to offer more than 21.4 million shares of common stock, issuable “upon the exercise …

Trump Media (DJT) shares end week down nearly 20%

Trump Media (DJT) shares end week down nearly 20%

Published by skeptic

Jonathan Raa | Nurphoto | Getty Images The price of Trump Media shares closed trading Friday down nearly 20% for the week. DJT shares, which dropped by more than 8% within the first hour of trading Friday, eked out a slight gain by the end of the day. Shares closed up 18 cents at $32.59, an increase of around .5%. But that closing price still was more than $38 lower than what Trump Media shares first sold for when the social media company began public trading on March 26. Shares of the company, which owns the Truth Social app, have dropped by 47.4% so far in April wiping out billions of dollars in the company’s market capitalization. Former President Donald Trump is the biggest shareholder in the company, owning nearly 60% of its stock. On Monday, Trump is set to start jury selection for his criminal trial in Manhattan Supreme Court on charges of falsifying business records related to a 2016 hush money payment to porn star Stormy Daniels. Trump Media on March 26 opened …

Trump Media stock ticker DJT debuts after DWAC merger

Trump Media stock ticker DJT debuts after DWAC merger

Published by skeptic

In this photo illustration a smartphone screen displays the logo of Donald Trump’s Truth Social app March 25 2024 in Bath, England.  Anna Barclay | Getty Images The share price of Donad Trump’s social media company jumped by more than 39% minutes after it began public trading under the ticker DJT on Tuesday morning. Trading in Trump Media & Technology Group was briefly halted amid the rise due to volatility before it resumed around 9:40 a.m. ET The ticker debuted on the NASDAQ stock market nearly three decades after the former president used it to launch his publicly traded hotel and casino company to great fanfare in 1995. That stock was ignominiously delisted from the New York Stock Exchange nine years later. Trump Media’s merger with the shell company Digital World Acquisition Corp. was completed Monday, allowing it to become publicly traded, it added almost $4 billion in paper profits to Donald Trump’s net worth. Trump Media’s market valuation could be $6 billion at Tuesday’s opening bell, despite the company reporting less than $3.5 million …