Shares of Trump Media & Technology Group Corp. saw a significant increase on Friday after former President Donald Trump conveyed his intention to retain ownership of his stakes in the social media company. Speaking to the media at his golf club in Los Angeles, Trump stated, “I don’t wanna sell my shares. I don’t need money.” According to recent filings with the Securities and Exchange Commission, Trump holds approximately 115 million shares in the company, which translates to a value of around $1.85 billion based on Thursday’s closing price of $16.08.
The lockup provision for Trump Media, the parent company of Truth Social, will conclude on Sept. 19, enabling the former president to potentially commence selling his shares if he desires. Notably, the stock value of Trump Media has diminished significantly since its initial public offering in March, when it reached a peak of $79.38.
Following his ban from platforms like Twitter and Facebook in the aftermath of the January 6, 2021, Capitol riot, Trump established Truth Social. Despite serving as a platform for Trump to communicate, the company, headquartered in Sarasota, Florida, has encountered financial challenges, reporting a loss of nearly $58.2 million last year with only $4.1 million in revenue as per regulatory filings.
Expressing his perspective on Truth Social, Trump expressed, “I use it as a method of getting out my word. For me, it is a great voice.” The stock witnessed a decline of over 10% following a recent debate between Trump and Vice President Kamala Harris. However, on Friday, shares rebounded, surging up to 29% and concluding the day with an 11.8% increase.
