Trump Media shares sink 6% days before lockup restrictions lift [Video]

Shares of Trump Media closed down 6.6% on Tuesday, ending the day at $16.14 a share. The dip came just 48 hours before “lockup” restrictions that have so far barred the company’s majority shareholder, Donald Trump, and other insiders from selling their stakes, are set to expire.

Until this week, the former president and early investors who received stock in the company when it merged with a special purpose acquisition company in March and began publicly trading have been prohibited from selling their shares under a “lockup agreement.”

Those restrictions expire Thursday.

Last week, Trump said he would not sell his 114,750,000 shares of the Truth Social owner. As of Tuesday’s close, Trump’s stake was worth more than $1.8 billion.

“I have absolutely no intention of selling,” Trump said at a press conference in California on Friday.

Shares rose as much as 25% after Trump’s announcement, and closed up 11% on Friday.

But Trump …