Social media platform Truth Social’s (NASDAQ:DJT) shares have been on a wild ride these last few weeks, and today proved no exception. An insider landed some more stock, though it wasn’t a buy that did it, but rather, a contractual obligation. Regardless of how said insider came by the shares, their value still dropped nearly 8% in Wednesday afternoon’s trading session.
The insider in question was none other than primary shareholder Donald Trump, who picked up another 36 million shares. That brings his total stake in the social media operation to almost 65%, and he landed the shares thanks to a performance bonus. While shares haven’t exactly been doing well, and the company itself isn’t bringing in much money, the performance we’ve seen so far was sufficient. However, a lockup period remains in effect, preventing sales for the next five months, with no signs of an exemption from the board.
Volatility, Thy Name Is Truth Social
Truth Social has been a volatile issue ever since it went live. Share prices went up over 30% just in the last week while trading substantially below the $70 opening price back on March 26. At one point, shares threatened to break the $20 line, losing nearly two-thirds of their value. Share prices have bounced back in the interim, thanks to plans for a streaming media network as well as an aggressive response to attempted short-selling that seems to be working out.
And, of course, the ongoing legal battles, as well as the latest presidential run for Trump himself, may be providing some kind of halo effect on Truth Social itself.
Is DJT Stock a Good Buy Right Now?
Turning to Wall Street, analysts are still out of the picture, so instead, we consider the last five days of trading for DJT stock. We’re actually still up over the period, coming in at 17.02%, but a lot of the previous gains have been lost in the process. Still, at around $46, shares are still a long way from their opening, yet well off their lows for the last six weeks or so.
