'More winning': Trump foe laughs as Truth Social's stock plummet quickens

Stock in Donald Trump's media company continued to crater Monday as company insiders near their first opportunity to unload their stake.

On Friday, Truth Social insiders will have their first opportunity to sell. Monday marks the start of a two-day filing deadline for announcing intentions to cash out, Market Watch said.

As the markets opened, the DJT Media stock plunged again to a new low of $12.65 as of publication, a 52-week low, CNBC observed. That's a 6% fall from last week.

At its highest point, Trump's stock was worth $71.93 but it has fallen 80 percent since Trump Media merged with Digital World Acquisition Corp in March. There has been a six-month hold on stock sales from those inside the company, which ends Friday.

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The company is widely referred to as a "meme stock," meaning it's gained a "cult-like" following. A meme stock generally jumps quickly due to publicity, Forbes reported.

"Republican presidential nominee Donald Trump is the largest shareholder in Trump Media, with 114.75 million shares, or 57% of the company’s outstanding stock," Market Watch wrote.

That price initially gave Trump billionaire status again.

Last month, CNN reported that he could sell off his stock and reap whatever benefits are left, giving "Trump access to a pot of money that he could use to pay sky-high legal fees or even fund his presidential campaign."

"The slump worsened days after majority owner Donald Trump and other company insiders got the green light to start selling their stakes in the Truth Social maker," wrote CNBC.

CNBC's Carl Quintanilla pointed to a Barron's report last week, which said if Trump Media's share price drops below $13, then his "paper gains ... rapidly vanish."

He referenced the fall at Monday's opening bell.

Hedge fund trader Tom Hearden pointed out, "Anyone who didn't buy the first tick in 2021 [is] now under water."

Former Rep. Adam Kinzinger (R-IL) was quick to mock Trump, writing on X: "More winning."