Trump Media & Technology Group Shares of Truth Social's parent advanced 4.8% in premarket trading, on pace for a second day of gains. The stock is down more than 30% this month, however.

Trump Media shares closed higher Tuesday as the company behind Truth Social looked to pull up from a downward spiral that coincided with company insiders, including majority owner Donald Trump, getting clearance to start selling their stock.

The company, which trades as DJT on the Nasdaq, ended the trading day up more than 5% at $12.79 per share.

Traders exchanged more than 21 million shares in the session, vastly exceeding the 30-day average daily volume of 8.8 million shares, according to data from FactSet.

Tuesday ’ s upswing followed six straight trading days in the red, which drove Trump Media stock down more than 32%.

Trump currently owns nearly 57% of the company ’ s outstanding shares. While the value of his stake has declined by billions of dollars in recent months, it is still worth nearly $1.5 billion.

The lockup expiration fueled waves of speculation about whether early investors would seek to dump their shares in the company, whose sole product, Truth Social, has generated scant revenue in recent fiscal quarters.

Trump has vowed not to sell his stake.

But Trump Media warned that other early investors were planning to cash out as soon as the lockups expired.