Trump confirms he won’t sell stake in Truth Social, causing shares to surge 12%

“No, I’m not selling,” Trump said on Friday when asked by Reuters. “I’m not leaving. I love it. I think it’s great.”

Following his statement, shares of Trump Media & Technology Group (TMTG), the company behind Truth Social, surged by 30 percent before closing up 12 percent higher than before the announcement. Trump holds about 57 percent ownership in TMTG, a company that saw its valuation skyrocket to nearly $10 billion when it was first listed on the stock market in March.

However, the company has lost significant value in recent months, with its stocks starting to decline since the Democratic Party announced that Biden would be stepping down and Vice President Kamala Harris would be the party’s nominee for president. Investor speculation suggests that the company's performance is linked to Trump’s re-election chances, particularly as the 2024 election polls tighten.

Despite this, Trump remains confident in the company’s future. Provisions for TMTG’s stock listing allow Trump and other insiders to sell their shares later this month, potentially increasing the stock’s availability in the market.

Starting on September 20, Trump can sell his shares if the stock price remains at or above $12 for 20 trading days since August 22. If this threshold is not met, he is eligible to sell starting September 26, according to Reuters.

Following his remarks about not selling, the stock closed at $17.97 on Friday, putting the value of Trump’s stake at roughly $2 billion.

While Trump has recently reappeared on X, where his account was suspended when it was previously Twitter, he remains an active user of his platform Truth Social. His resurgence on X came after platform owner Elon Musk endorsed him and featured him in a Twitter Spaces interview to discuss the upcoming election.