Trump Media stock plummets after company files to issue millions more shares

Trump Media & Technology Group's (TMTG) stock price plunged by more than 15% on Monday after the parent company of former President Donald Trump's Truth Social platform filed to sell millions more shares.

TMTG, which trades on the Nasdaq under the symbol "DJT," said in an SEC filing it could issue an additional 21.5 million shares in the coming months.

The filing showed a potential sale of 146.1 million shares of the social media company, including 114.8 million shares owned by Trump himself. 

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The additional shares could be sold upon the exercise of certain warrants issued when the company went public through a blank-check merger with Digital World Acquisition Corp.

Shares of TMTG have retreated sharply since their market debut on March 26, falling 60% from the opening price of $70.90.

TRUMP CALLS HUSH MONEY TRIAL ‘ASSAULT ON AMERICA’ AS CASE OFFICIALLY KICKS OFF

Also on Monday, Trump, the presumptive 2024 GOP presidential nominee, appeared in a New York City courtroom as jury selection began in a trial against him centered on hush money payments to Stormy Daniels.

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Trump is the first former president ever to be criminally prosecuted.

FOX Business' Lawrence Richard, Maria Paronich and Reuters contributed to this report.