Shares of former U.S. President Donald Trump’s media company tumbled over 5% to a new low on Monday, extending recent losses after restrictions on insider selling expired.
Six straight sessions of declines in Trump Media & Technology Group, which is 57% owned by the Republican presidential candidate, have left its market capitalization at $2.5 billion.
Shares of the company, which operates the Truth Social app, were last at $12.76 after falling to as low as $12.56, the lowest since its stock-market debut in March.
The stock has now declined about 13% since restrictions on insider selling lifted on Thursday.
Trump Media saw its value balloon to nearly $10 billion following its Wall Street debut, lifted by Trump supporters and retail traders who saw it as a speculative bet on his chances of securing a second four-year term as president.
Since then, Trump Media shares have steadily lost ground, with share declines accelerating after President Joe Biden gave up his failing reelection bid on July 21.
Losses in the stock in recent months have far outpaced a reduction in betting-market odds that Trump would win the election.
Trump leads among likely voters in the battleground states of Arizona, Georgia and North Carolina, outpacing U.S. Vice President Kamala Harris, a New York Times/Siena College poll showed on Monday, echoing other recent polls showing a tight matchup ahead of the Nov. 5 presidential election.
In an interview on Sunday, Trump said he would not make a fourth consecutive run for the U.S. presidency if he loses the Nov. 5 election.
As of Monday, PredictIt contracts for a Trump election victory were trading at 46 cents, with a potential payout of $1. Trump contracts peaked at 69 cents in mid-July. Contracts for a Harris victory were at 57 cents, little changed over the past two weeks.
Trump, whose stake in Trump Media is now worth roughly $1.4 billion, said on Sept. 13 he did not plan to sell his shares, turning the focus to other major stakeholders who could cash out.
United Atlantic Ventures and Patrick Orlando, whose fund ARC Global Investments II sponsored the blank-check company that merged with Trump Media in March, together own about 11% of Trump Media shares, according to a company filing.
(Reporting by Noel Randewich; Editing by Tomasz Janowski)