(Reuters) -Trump Media & Technology Group filed papers to re-register shares that would allow President Donald Trump’s trust to potentially sell $2.3 billion worth of the company’s stock.
Shares of Trump Media, which operates the Truth Social platform and is primarily owned by Trump, were down about 4% on Wednesday.
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The company said its filing with the U.S. Securities and Exchange Commission was routine and there was no open window for any of its affiliates to sell shares.
The filing comes after conservative news outlet Newsmax debuted on the New York Stock Exchange on Monday. Its stock – popular with retail investors – soared 180% in the previous session.
Trump Media has been a popular stock on retail trading forums and has often seen wild bouts of volatility such as around the U.S. election in November last year.
Trump had said in September he would not sell his shares in the company, triggering a 30% surge in the stock on the day.
(Reporting by Brendan O’Brien; additional reporting by Deborah Sophia; editing by Susan Heavey)
