TMTG Stock Plummets 17.80% Pre-Market, Now Trades at 850x Sales

Trump Media and Technology Group (TMTG) has experienced a significant decline in its stock value, with shares plummeting more than 60% from recent highs. The downturn follows the company's filing of an S-1 document to issue up to 21.5 million shares of common stock. This filing has led to a pre-market drop of 17.80%. Additionally, the company outlined a new incentive plan where it could earn up to 40 million new earn-out shares if its stock trades above $17.50 for 30 consecutive days by April 23. However, the stock is currently trading significantly lower, around $26.88, down from a local high of $75. The market cap has also decreased sharply from $10.85 billion to $3.51 billion, and the stock now trades at 850 times sales. David Faber discussed the implications for shareholders and the potential impact on former president Donald Trump.