Trump Media & Technology Group said it will issue millions more shares, sending its stock plunging again.

The company behind former President Donald Trump’s Truth Social platform said in a Securities and Exchange Commission filing that it is registering the resale of up to almost 21.5 million new shares of common stock issuable upon the exercise of warrants, up to about 146 million shares of common stock, and up to about 4 million warrants to purchase common stock. Certain shares held by insiders may still be restricted from trading until the expiration of a lock-up agreement 5-6 months after the date of the IPO.

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Trump Media, the parent company of the former president’s Truth Social, alerted Nasdaq Inc. on Thursday of what the company suspects is illegal activity driving down the price of its shares.

In a letter to the exchange, Devin Nunes, the CEO of Trump Media (DJT), laid out what he believes could be deemed “naked” short selling.

Naked short selling involves someone selling shares they don’t own or have not borrowed. They will often then try to buy shares at a reduced price to cover themselves. This practice is generally illegal. Whereas legitimate short sellers, people who seek to benefit from declines in the value of a company’s shares, borrow the shares before selling.

The letter was made public Friday in a filing with the Securities and Exchange Commission.

Nunes also noted in the letter that shares of the company were on a list the Nasdaq maintains that’s “indicative of unlawful trading activity.”

“This is particularly troubling given that “naked” short selling often entails sophisticated market participants profiting at the expense of retail investors,” he said.

Representatives from Nasdaq and Trump Media did not immediately respond to requests for comment.

The company, which is majority-owned by former President Donald Trump, is down by around 50% from the all-time high it set on March 26, the day after it merged with a blank-check acquisition company to go public.

Shares of company have been on a wild ride since.

Although the company is still worth billions of dollars, it is struggling to make money and needs cash. Experts have warned investors to be careful if they choose to trade the stock, because the company doesn’t have the fundamentals to back up its sky-high valuation.

Trump Media lost $58 million in 2023 and made just $4.1 million in revenue.

Shares of the company ended Friday’s session about 9.6% higher.

This story has been updated with additional developments and context.

CNN’s Nicole Goodkind contributed to this report.

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Social media changes rapidly—and what worked last year might not work in 2024. (Just look at X’s, or Twitter’s, dramatic revenue loss after many major platforms have stopped posting or advertising on the platform.) So what does work on social media right now, particularly for event professionals?

“We don’t just want our audience to understand what we do—we want them to know who we are,” says Zoe Haynes, the sales and marketing coordinator for PlatinumXP who oversees the event planning agency’s digital marketing. “Social media has evolved into a space for cultivating relationships and building trust. We utilize various platforms to tell stories—the story of an event transformation, behind the scenes with our production crew, or maybe even some fun office shenanigans with our CEO.”

Haynes’ focus on maintaining a consistent, authentic brand presence was a common theme among event professionals we spoke to about how they’re using social media right now. It’s all about “fostering an ongoing connection with our followers,” agrees Elias Contessotto, social media manager for event production company 15|40.

But remember: Not every platform is created equal. Contessotto stresses the importance of tailoring your approach with each platform—but also not being afraid to experiment a bit to ensure you’re staying ahead of trends and maximizing audience engagement. “By creatively testing new tactics, we gauge audience response and efficacy, gradually integrating successful approaches into our channels,” he explains. “This iterative process empowers us to refine our content strategy continuously, adapting to evolving trends and audience preferences.”

In short, “It’s all about meeting your audience where they’re at,” says Taylor Elliot, vice president of marketing and brand strategy for Shepard Exposition Services. “Social media is such a great tool to amplify your brand voice. I always say as marketers we need to create a system that works for our brand even when we are sleeping, and social media is one of the tools to help achieve this.”

LINKEDIN & INSTAGRAM

From our conversations, LinkedIn and Instagram quickly emerged as the two top platforms in the event industry. “Instagram is our go-to for showcasing stunning event photos—however, LinkedIn holds equal if not greater importance in our strategy,” explains Haynes. “While Instagram captures attention with its visual allure, LinkedIn allows us to dive deeper into industry conversations and build relationships with our peers.”

Contessotto likes to target a B2B audience with 15|40’s LinkedIn presence, posting content that focuses on industry insights, professional networking, and collaborations with studios. “We often share static posts similar to those on Instagram, tagging relevant studios to expand our reach,” he says, noting that LinkedIn posts are often reshared by team leaders and executives. “LinkedIn [also] serves as a prime platform for spotlighting press coverage, award nominations, and industry highlights.”

On Instagram, meanwhile, Contessotto expands 15|40’s content to cater to both B2B and B2C audiences. “We share visually engaging posts that highlight our expertise, industry leadership, and collaborations, appealing to a wider range of followers,” he says. “Instagram will have ‘POV’ content, which is much more personal and requires less high-quality tools to tell our story. I came to 15|40 from an influencer background, and from experience, I notice that more amateur content does better on that platform, like using an iPhone for reels rather than a DSLR camera.”

Heather Rouffe, director of sales at Atlas Event Rental, also appreciates the more personal touch that can come with Instagram. “Through that platform, we strive to educate the industry, create brand awareness, and most importantly to us, show the personal side to our company, brand, and rentals,” she explains. “With so much of the human side of things lost in a digital age, being personable and showing the people behind the brand is very important to us. We find the clients really appreciate the behind-the-scenes content and becoming familiar with the Atlas crew.”

On the flip side, though, that doesn’t mean LinkedIn can’t get a little personal. Al Mercuro, senior account director at trade show display company Genesis Exhibits, prioritizes LinkedIn due to the connections he’s been able to make with marketing directors and event directors at companies he’d like to do business with.

“I try to not promote my company as much as my brand by sharing information that will help them in their jobs—I find I get many referrals this way,” Mercuro notes. “I believe it is also a living resume; before I meet with someone, they will often check out my LinkedIn page to learn more about me. The more you can build up your profile and the number of connections you have adds to your value and makes it attractive to have them want to work with you.”

Jonathan Kazarian, the founder and CEO of Accelevents, also uses LinkedIn to build up his personal thought leadership—and therefore, build awareness of his event management software company. “Ninety-nine percent of what I share on LinkedIn is professional,” he says. “I’ll share something about my personal life to build connection, but that’s not my focus with LinkedIn.” 

FACEBOOK, TWITTER (X), TIKTOK, & MORE

In a sign of changing times, most of the event professionals we spoke with are not investing much in Facebook or Twitter (now known as X)—though many are still updating them. 

“We push out all of our Instagram content to our Facebook, to ensure our followers and intended audiences on both platforms are receiving similar content,” says Contessotto. “We also maintain our Twitter, or X, channel to share some of our event photos, as well as retweet content that clients we work with post that are captured at our events.”

Mercuro finds that Facebook is still an effective way to reach older generations—but for younger generations, he’s found some success marketing events on TikTok. “I am a board member of a nonprofit concert venue, and we needed to attract a younger audience,” he remembers. “I suggested we work with a local university and their marketing classes to take on a project like our organization to give them real-life experience. They chose to use TikTok to reach the younger demographics in our area, and it has been extremely successful.”

Contessotto agrees that TikTok is naturally very Gen Z-oriented, so content should be tailored accordingly. “We’ve noticed that we typically receive high engagement when our content is celebrity-focused,” he says. “Our team is constantly working to balance out our TikTok pages to include viral content, as well as videos that highlight our diverse portfolio of work to attract the right kind of audience.”

Haynes says she’s still exploring TikTok’s potential for Platinum XP. “I’ve noticed its popularity as a discovery platform,” she says. “It’s a great tool for driving awareness, but we should also consider whether our target audience is active on TikTok.” One tool that Haynes does invest time in? Pinterest. “It’s a powerful tool for SEO purposes. Its visual nature allows us to drive awareness to our website through captivating photos. By sparking curiosity, we encourage users to click through and explore further.”

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