Former President Donald Trump confirmed that he has no intention of selling his majority stake in Truth Social, the social media platform owned by Trump Media & Technology Group (TMTG). Speaking to Reuters on Friday, Trump said, “No, I’m not selling. I’m not leaving. I love it. I think it’s great.”
After his remarks, shares of TMTG surged by 30%, eventually closing 12% higher than prior to the announcement. Trump, who owns about 57% of TMTG, saw the company’s value rise to nearly $10 billion when it was first listed on the stock market in March. However, the company’s valuation has dropped recently, particularly after the Democratic Party announced Kamala Harris as its nominee for president, replacing President Joe Biden.
Market analysts have linked TMTG’s performance to Trump’s political prospects, especially as polls for the 2024 presidential election show a tightening race.
Despite the drop in stock value, Trump remains optimistic about the company’s future. Provisions for TMTG’s listing will allow Trump and other insiders to sell shares beginning later this month. Trump can begin selling his shares if the stock price stays at or above $12 for 20 consecutive trading days after August 22. If that threshold isn’t