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Former President Donald Trump said Friday that he would not sell shares of his controversial social media company, an announcement that sent the stock price skyrocketing.
Trump and other insiders at Truth Social’s owner, Trump Media & Technology Group, will be free to sell shares as early as next week, when the lock-up restrictions expire.
“No, I don’t sell it. No, I like it,” Trump said during a press conference in response to a reporter’s question.
Trump’s comments immediately sent the volatile company’s stock price soaring 25% Friday afternoon, before trading was halted due to volatility. By late afternoon, Trump Media was up 19%.
“People think I’m leaving. That’s why I’m down, because it’s different if I leave. But I’m not leaving,” Trump said.
Regulatory filings indicate that the lock-up period will expire as soon as the closing bell on Sept. 19 if the closing price of the stock remains above $12. That would allow Trump to sell shares, although experts warn that it would be nearly impossible for him to sell all or even most of his shares without sending the stock price plummeting.
It is unclear whether Trump would rule out selling even a smaller stake in the company.
Trump is Trump Media’s dominant shareholder, owning 57% of the outstanding shares. His $114.75 million stake was valued at $1.8 billion based on Thursday’s closing price.
Trump Media’s value has fallen sharply in recent months due to a combination of concerns about the expiration of lockdown restrictions and in response to polls indicating a tight race for the White House.
The stock fell to record lows earlier this week after the former president’s perceived lackluster performance in Tuesday night’s debate. [CNN]
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