WHO REALLY OWNS TRUMP MEDIA?

Shares of Trump Media & Technology Group ($DJT) have dropped 26% over the past week, following the end of the lock-up period last Thursday, which now allows insiders to sell their holdings. Although Donald Trump has stated he does not plan to sell his 56.6% stake, other insiders are free to offload shares, contributing to the decline.

As of September 22, Trump Media, with a market cap of $2.71 billion, has generated only $3.4 million in revenue over the last year, resulting in a staggering 800x price-to-sales ratio. This high valuation is not due to growth—revenue actually fell by 9.2% year-over-year.

Currently, the stock is trading at 52-week lows, and the company's future trajectory may hinge on whether Trump holds onto or sells his stake, as the stock price appears disconnected from its financial fundamentals.