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People keep saying trump wasn't prevented from selling for 6 months, and I have no idea why.
But this is why I was happy it started trading so high. trump was/is pushing supporters to buy shares as a way of donating. But those people are throwing their money away and it'll still crash before trump can sell. He's not just losing profit, he losing donations too.
Plus this way trump has to spend 6 months watching something literally trading under his name (djt) constantly hemorage money and there's not a damn thing he can do about it.
When he saw that 6 billion number, he immediately considered it "his money" so even if he makes a couple hundred million selling his whole stake in this; it's going to feel like he's lost billions to him.
And hopefully the DJT stock lumps on without him for years as a shitty penny stock
So, yes, he's currently subject to a lockup agreement. But, the board can always waive that agreement, and given the board is made up of Trump acolytes, there's no reason to take it too seriously (yes, if they did that, it could be subject to a shareholder lawsuit if a sale resulted in a plunge in the share price, based on the claim that the board was failing in its fiduciary duty, but by the time any such trial made its way through the courts, it probably wouldn't matter).
Who exactly do you think can waive it?
The board can vote to waive it. That's... how boards work. They could vote to waive Junior's and Nunes' lockups, too, if they wanted to. The only recourse shareholders would have is a lawsuit.
Edit: And if you don't want to believe me, maybe you'll believe a professional financial writer:
https://www.bloomberg.com/opinion/articles/2024-03-19/banks-can-get-emissions-off-the-books
Edit 2: This, by the way, is why folks are so critical of the Tesla board and why Elon's recent pay package was rescinded by a judge, who determined the board did not act in the best interests of the shareholders by approving that package; rather, they concluded the board was too close to, and too beholden to, Elon to be able to effectively negotiate that package.
Boards are basically the last line of defense when it comes to things like pay packages and so forth, but that doesn't stop shenanigans from happening, hence shareholder lawsuits, which are basically the final recourse for shareholders to hold boards to account.
I'm not sure they could though. They could probably waive his ability to pledge the stock as collateral, but not sale. Ultimately, the board has a fiduciary duty to the shareholders and I'm not sure there's a conceivable reason they could come up with that's in the shareholders interest. Power to do it, sure, but they're going to be defendants in a shareholder derivative suit.