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, who already owned more than 78 million shares, received the windfall because the share price remained above a benchmark of $17.50 for 20 trading days over the month since the stock began being publicly traded.
Trump″s stake in Trump Media now stands at 65% of the company’s shares, and is worth $5.7 billion at a share price of $50.
