Sep 13, 2024 - Business
Trump says he won't sell his Truth Social stock
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Former President Trump on Friday said he "is not going to sell" his shares in the parent company of Truth Social.
Why it matters: Trump is just days away from the expiration of a "lockup" provision on the shares, which was put in place when it went public back in March.
- Shares of Trump Media & Technology Group jumped around 28% on his comments, which were made during a press conference in California, before settling back to close up 11.8%.
- They'd previously been on a long losing streak, opening today down more than 75% since right before the company went public in March via a reverse merger with a blank-check company.
What he's saying: "A lot of people think I will sell my shares ... but I don't want to sell my shares, I don't need to sell my shares. I don't need money," Trump said.
By the numbers: The former president holds nearly 115 million shares of TMTG, which were valued at around $1.85 billion as of market open.
- At one point his stake was worth around $6 billion, and that was before he was granted additional shares.
- The underlying company itself had struggled financially, continuing to lose money and generating less than $1 million in second-quarter revenue.
