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It's been a rough start to life for Trump Media & Technology Group.
The parent company of social media platform Truth Social saw its shares drop another 18% in after-hours trading Monday following a filing with the SEC to issue 21 million shares, reports MarketWatch.
The company's stock opened for trading last week at $66.22 and hit a high of $66.22 on the first day of trading, but has since fallen to $26.61, a loss of around 60% of the launch price.
The filing states that the company is registering the resale of 146,108,680 shares of Common Stock, comprised of 1,133,484 Placement Shares, 14,316,050 Founder and Anchor Investors Shares,744,020 Conversion Shares,965,125 DWAC Compensation Shares, 690,000 Truth Social Compensation Shares, 7,116,251 Private Warrant Shares, 143,750 Representative Shares, and 114,750,000 President Trump Shares.
CNBC reports that Chief Executive Officer Devin Nunes, Chief Financial Officer Phillip Juhan, and Chief Operating Officer Andrew Northwall received promissory notes worth around $6.25 million following the company's merger with Digital World Acquisition Corp in February.
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