Trump Mastered The Art of the SPAC Deal. Cashing Out Is Harder

The value of Donald Trump’s stake in his media startup may have shrunk since going public through a blank-check merger, but on paper, it’s still worth a lot. The question for the former president is, should he decide to sell, how much he could actually extract.

At its peak last month, Trump’s 58% stake in Trump Media & Technology Group Corp. was worth as much as $6.3 billion. Trump and other insiders are unable to sell due to a six-month lockup agreement. That didn’t stop other shareholders who rode a 270% rally from cashing out — following the deal, the shares lost roughly two thirds of their value in a matter of weeks.