Former President Donald Trump, the biggest shareholder in Trump Media & Technology Group, and other insiders at the Truth Social owner, can finally sell their stakes in the business — just as shares of the stock hit a new low. 

Until today, Trump and other insiders have been unable to sell their stakes, even as the shares enjoyed an initial surge after the company’s public offering in March, providing the company a valuation of more than $9.4 billion. 

That’s because of a so-called lock-up period during which time Trump and other insiders have been unable to sell. Such agreements are common with initial stock sales and are designed to keep executives from immediately selling, thereby flooding the market with available shares and causing a stock to tumble.

Despite its early stock market gains, Trump Media — which trades under the ticker DJT, the same letters as Trump’s initials — has had a largely bumpy reception from Wall Street. 

That path became even rockier on Thursday with DJT shares tumbling 92 cents, or 5.9%, to $14.70, representing a new low for the stock. The lock-up period for Trump and other insiders expired at the end of the trading day, or 4 p.m. Eastern time on September 19.

The slide, which comes even as the market rallied on optimism after the Federal Reserve’s jumbo rate cut, represents an 81% decline from its March high of $79.38.

The lock-up’s expiration now provides Trump and other insiders with a chance to cash out. In Trump’s case, his holdings are worth $1.7 billion — a sizable fortune, yet a far cry from its $6 billion value soon after the company went public.

That slump might not matter to Trump, however, as the former president recently vowed he has “absolutely no intention of selling” his almost 60% stake in the business. But other insiders might be tempted to sell now that the lock-up has ended, with those shareholders ranging from company executives to former “Apprentice” contestants who were earlier involved in the social media business.

Those insiders together own more than 20 million shares, according to the New York Times.

Trump Media & Technology Group didn’t immediately respond to a request for comment. 

“I’m going to buy more”

Trump Media & Technology Group has attracted thousands of small investors who bought shares as a way to express support for the former president. On Thursday, as the stock sank to a new low, some took to Truth Social to urge the stock upward and profess their faith that DJT shares will see better days. 

“I’m going to buy more,” one member of the DJT stock group on Truth Social wrote Thursday. “Prices are ridiculously low … even though I realize nothing is going to happen until Donald J. Trump is back in office.”

Shares of DJT have swung wildly based on news about Trump, as well as the perception of his standing in the presidential race against Vice President Kamala Harris. For instance, after Trump survived an assassination attempt in July, the stock soared 32% as investors recalculated his odds of winning in November. 

Since Harris entered the race on July 21, replacing President Joe Biden, Trump Media shares have shed 58% of their value.

That has prompted some analysts to compare DJT to a meme stock, or companies that trade on social media buzz instead of traditional financial measures such as revenue growth and profitability.

Trump, meanwhile, said that he didn’t create Trump Media or Truth Social for the money. 

“I did it because I really wanted to have a strong voice,” he said last week. “As long as my voice is on there, it’s going to always be good.”