Yep, they can do a secondary as well, but so close to the IPO, would be unusual, to say the least.

Everything about the stock is already unusual. It's valued at more than 1,000x annual revenue. Which is already bonkers.

It doesn't matter whether Trump divests of 6-8 million shares through open market sales or selling to a private party that wants to use the shares to cover a short. The point is that if Trump starts selling off his stake, it will cause the share price to fall precipitously. Right now, Trump derives an enormous benefit from having a multi-billion paper valuation of his DJT holdings. It's probably not in his best interest to disturb that just to take a few hundred million off the table.

Again, having a secondary offering accomplishes the same goal. It converts shares to hard cash. Though the cash is held by the company instead of DJT, it backstops the value of the company, which would allow him to actually realize a lot of the value of his shares. Right now, Trump probably couldn't get much of a loan against his stake - because a lender would know that the shares would become nearly worthless if they foreclosed. But if DJT had a billion in cash, then Trump's shares are worth $600 million as collateral - because now there's real money in the company to backstop the shares.