Trump Media hit a low on the first day Trump and other insiders can sell their shares

Shares of Trump Media fell on Friday after company insiders, including former President Donald Trump, were given the go-ahead to start selling shares.

Shares in the owner of Trump’s Truth Social fell as much as 8% to $13.50 on Friday morning before a slight rebound. Shares traded down just under 4.5% at $14.05 as of publication.

The stock’s underperformance comes as major indexes pared gains after soaring Thursday following the Federal Reserve’s interest rate cut announcement. Both the S&P 500 and Dow hit all-time highs Thursday on the news. Both indexes, along with the Nasdaq, were down less than 1 percent on Friday.

It’s unclear if any insiders sold any of their shares, but Trump in particular stands to gain from the sale. The former chairman owns about 57% of the company, or just under 115 million shares. Trump’s stake was worth about $1.6 billion as of Friday, and selling any of it could net him a windfall.

Despite the golden opportunity, Trump said during a press conference last week that he would not sell his shares. With that statement, the stock skyrocketed 27%.

View this interactive chart on Fortune.com

Trump Media went public in March through a special purpose acquisition company (SPAC), and since then its stock price has fluctuated wildly. The stock often rises and falls based on Trump’s political fortunes. The stock rose after Trump’s first debate with President Joe Biden, but has lost more than half its value since Vice President Kamala Harris took over as the Democratic presidential nominee.

Moreover, the company’s poor financial performance has experts questioning whether its stock price should really be as high as it is. The company posted just $1.6 million in revenue in the first half of 2024, all while losing over $300 million in the same period.

This story was originally featured on Fortune.com