By Krystal Hur

Shares of President Trump's media company tumbled Wednesday after it filed to allow insiders to unload billions of dollars worth of stock.

Trump Media and Technology shares fell 5.1% to $19.23 Wednesday, near their lowest close of the year. The company said that securityholders could sell up to about 134 million shares of stock "from time to time," including more than 114 million held by the president's trust, according to a securities filing.

The stock, trading under the ticker DJT, has been volatile since going public last March and has given up a surge that accompanied Trump's election victory. It is down roughly 44% in 2025.

"Legacy media outlets are spreading a fake story suggesting that a TMTG filing today is paving the way for the Trump trust to sell its shares in TMTG." the company said in a statement, referring to the initials of Trump Media and Technology Group.

"In fact, there currently is no open window for any affiliate to sell shares," the statement added.

Trump said in November that he has no intention of selling his shares, calling speculation "fake, untrue, and probably illegal rumors."

The stock has become a popular way for Trump's supporters to bet on his political success. Investors banded together on the company's Truth Social platform to send shares higher at their market debut.

Some traders have since become disillusioned by the company's unprofitable business. In November, Trump Media posted its third quarterly loss since going public, logging a loss of $19.2 million, or 10 cents a share, compared with a loss of $26 million, or 30 cents a share, a year earlier.

Some analysts said that the stock's steep losses present a buying opportunity.

Matthew Tuttle, chief executive of Tuttle Capital Management, in March launched with REX Shares the T-REX 2X Long DJT Daily Target exchange-traded fund. The ETF uses borrowed money to allow holders to magnify their gains, or losses, on the stock.

Tuttle says that while the ETF has been in a rut since its debut, he believes the long-term outlook for the stock is better and doesn't expect Trump to sell his shares.

"[Trump's] not looking at the market, but certainly he's looking at this stock," said Tuttle. "If he sold, obviously that's going to take the stock down a lot. Given his ego, I don't think he would want that."

Write to Krystal Hur at krystal.hur@wsj.com

(END) Dow Jones Newswires

April 02, 2025 13:20 ET (17:20 GMT)

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