Shares of Trump Media have slumped to new lows on the first trading day that its biggest shareholder, former President Donald Trump, is free to sell his stake in the company behind the Truth Social platform.

Trump, whose 114,750,000 share stake in Trump Media was worth $1.5 billion at Friday’s close, said last week that he would not sell his shares when the restrictions lifted.

(Reuters) -Shares of Trump Media & Technology Group fell 5% on Friday as the Truth Social parent extended this week's steep selloff after a lock-up on insider sales expired. Shares of the $2.9 billion firm,

Although Trump has vowed not to sell, the stock has tumbled as insiders like Truth Social's co-founders are free to cash out.

Trump Media & Technology Group Corp.’s stock dropped to its lowest level since it went public in March Friday, as a ban on stock sales lifted.