Why Trump Media Stock Is Soaring Today
Trump Media (NASDAQ: DJT) stock is posting big gains in Wednesday's trading following the expiration of its lockup period. The company's share price was up 9.3% as of 11:30 a.m. ET. Shares had been up as much as 13.2% earlier in the daily session.
Trump Media went public through a merger with a special purpose acquisition company (SPAC) in March, and insiders at the social media company had been prevented from selling shares for six months. The lockup period expired on Friday, and the additional two-day window requiring insiders to disclose stock sales concluded yesterday.
Thus far, Trump Media hasn't seen a wave of insider selling -- and that's good news for the stock. Investors had been worried that the expiration of the lockup period would be followed by a large amount of stock being sold on the market.
Source Fool.com
