Trump Media Files for $2.3B Stock Sale Approval

In a significant move, Trump Media and Technology Group Corp., the powerhouse behind the Truth Social platform, has submitted paperwork to the United States Securities and Exchange Commission (SEC). The filing, made on Wednesday, seeks permission for a trust led by US President Donald Trump to offload nearly 115 million shares, a transaction valued at over $2.3 billion.

Market Reacts with a Sharp Decline

Following the announcement, Trump Media's stock experienced a notable downturn, dropping by 7.33% to $18.77 per share by 10:03 am ET. This development has sparked widespread interest and speculation among investors and market analysts alike.