Trump Media shares plunge 13% after company files to issue additional DJT stock

Shares of Trump Media plunged more than 13% on Monday after the company filed to issue millions of additional shares of stock.

Trump Media’s dramatic slide came as Donald Trump headed to a Manhattan court to begin jury selection for his criminal trial on hush money-related charges. Trump is the majority stakeholder in the company.

Trump Media, which created the Truth Social app and trades under the stock ticker DJT on the Nasdaq, fell nearly 20% last week.

The company’s intent to issue more common stock was made public Monday morning in a “preliminary prospectus” filed to the Securities and Exchange Commission. The shares cannot be issued until a registration statement with the SEC goes into effect.