Shares of Trump Media surged by more than 25% on Friday, following an announcement from the company’s majority owner, Donald Trump, stating he has no plans to sell his stake. Trump, a former US President and current Republican presidential candidate, made these remarks during a press conference at Trump National Golf Club Los Angeles in Rancho Palos Verdes, California, on September 13, 2024.
Trump, who will have the option to start cashing in his nearly 57% stake when a lockup agreement expires in less than a week, asserted, “I have absolutely no intention of selling.” This comment caused a brief halt in trading on Friday afternoon.
He emphasized the success of Truth Social, the Twitter-like social media platform owned by Trump Media, describing it as “great for me.” Furthermore, Trump attributed the recent slump in Trump Media’s stock, which has fallen by as much as 80% since its peak following its Nasdaq debut in late March, to actions by the Securities and Exchange Commission.
Despite the stock’s decline, Trump highlighted that his stake remains valued at over $1 billion. “I don’t want to sell my shares. I’m not going to sell my shares,” he reiterated, adding that his motivation was not financial gain but the desire to maintain a strong voice. He expressed confidence that as long as his presence remains on the platform, its value will endure.
Trump also remarked, “A lot of people think the reason it’s down is the speculation that I might sell. If I sell, it wouldn’t be the same.”
This situation is developing, and updates will follow as more information becomes available.
