Trump Media has about 136.7 million shares outstanding.

Of those, about 28.7 million shares are held by public shareholders and trade freely.

About 78.8 million shares are held by Donald Trump, which he can’t sell until late September.

...early investors (eg. hedge funds) also own warrants to buy about another 21.5 million shares at $11.50 per share. Those warrants should be exercisable soon...

The remaining 30 million-ish shares are mostly held by other sorts of insiders...

If the stock stays above $17.50 for the next week or so, the company will issue 40 million new shares to insiders, 36 million of them to Trump himself.

...
So there are on the order of 200 million total shares (shares currently outstanding plus shares soon to be issued), of which perhaps 30 million are currently trading.[3] In the next few weeks, another 20 million might come on the market.

By September, another 150 million shares could theoretically come on the market, though it’s not like all the insiders will dump their shares as soon as they can.

Right?

Jerry Dean McLain first bet on former president Donald Trump's Truth Social two years ago, buying into the Trump company's planned merger partner, Digital World Acquisition, at $90 a share. Over time, as the price changed, he kept buying, amassing hundreds of shares for $25,000 — pretty much his "whole nest egg," he said.

That nest egg has lost about half its value in the past two weeks as Trump Media & Technology Group's share price dropped from $66 after its public debut last month to $32 on Friday. But McLain, 71, who owns a tree-removal service outside Oklahoma City, said he's not worried. If anything, he wants to buy more.

"I know good and well it's in Trump's hands, and he's got plans," he said. "I have no doubt it's going to explode sometime."

...

McLain, the tree service owner in Oklahoma, said he believes the stock could "go to $1,000 a share, easy," once the media stops writing so negatively about it and the company works through its growing pains. The company's leaders, he said, are being "too silent right now" amid questions about the falling share price, but he suspects it's because they're working on something amazing and new.