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DJT trades lower after announcing COO resigned

Yahoo Finance

Trump Media and Technology (DJT) was among the top stocks on Yahoo Finance's Trending Tickers platform after former president Donald Trump's social media company revealed that COO Andrew Northwall stepped down in September and that it would release nearly 800,000 shares of its stock to an early investor per a court order.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Naomi Buchanan.

Video transcript

Dj T Trump media and technology that stock moving higher today, the company revealed that its coo Andrew North Wall had resigned in late September, former president, Donald Trump's social media company also said it will release nearly 800,000 shares of its stock to an early investor in accordance with the recent court order that had to do with an ongoing dispute with that investor.

And so effectively, the company lost in court and they had to release the share as we frequently remind you more shares equals lower prices typically because you get dilution for existing holders.

Yes, the departure of the co O is interesting, resigned effective September 28th.

We know this per sec filing doesn't look like Trump media is commenting but does look like he did on truth social saying as I step back, I look forward to focusing more on my family and returning to my entrepreneurial journey.

Of course, we know investors don't know trade this one on fundamentals.

It's more like a proxy of Trump's chances, right?

And speaking of that proxy perhaps and a proxy for Trump for that matter, Elon Musk has said he is going to be at a Trump political rally this weekend in Butler Pennsylvania, which was also the site of that attempted assassination attempt on the former president.

And so maybe some of the decline in DJ T would be mitigated by the hopes for what Musk could do for the campaign.

Yes.

Maybe some of that reminds you, I mean, this stock has been clobbered.

Right.

It's about 70% since March.

Yes, indeed.