(Reuters) -Shares of Truth Media & Technology Group, the parent company of President Donald Trump's Truth Social platform, plunged more than 6.5% on Wednesday after the company filed papers that would allow the president's trust to sell a large number of shares.

Trump Media, which operates the Truth Social platform and is primarily owned by Trump, filed to re-register shares that would allow Trump's trust to potentially sell $2.3 billion worth of the company's stock.

Existing shareholders in the company -- which include U.S. Attorney General Pam Bondi and Trump Media & Technology Group Chairman Devin Nunes -- are also looking to sell a total of 134 million shares, according to the filing.

The company said its filing with the U.S. Securities and Exchange Commission was routine and there was no open window for any of its affiliates to sell shares.

The filing comes after conservative news outlet Newsmax debuted on the New York Stock Exchange on Monday. Its stock - popular with retail investors - soared 180% in the previous session.

Trump Media has been a popular stock on retail trading forums and has often seen wild bouts of volatility such as around the U.S. election in November last year.

Trump had said in September he would not sell his shares in the company, triggering a 30% surge in the stock on the day.