The social media platform is poised to go public via SPAC at a $6 billion valuation as former President Donald Trump’s supporters pump money into its stock.
This lockup period prevents him from selling for 6 months to prevent the share price from tanking just after the merger from insider selling, but the board could decide to remove that restriction so he could start offloading shares.
I can’t see why the board would remove the restriction when they likely have stock too. They likely understand the grift and know that they need to get theirs sold off before Trump tanks whatever is left.
I can’t see why the board would remove the restriction when they likely have stock too. They likely understand the grift and know that they need to get theirs sold off before Trump tanks whatever is left.
You’re right, a normal board wouldn’t. He appears to be stuffing family members and lackey on the board though. So we’ll have to see what happens.