Shares of Trump Media & Technology Group Corp. jumped Friday after former President Donald Trump said he won’t sell shares of the company, saying that he doesn't need the money and likes the social media platform to get out his voice. Trump owns nearly 115 million shares of the company worth approximately $1.85 billion.
Republican presidential nominee former President Donald Trump speaks during a news conference held at Trump National Golf Club Los Angeles in Rancho Palos Verdes, Calif., Friday, Sept. 13, 2024. NEW YORK — Shares of Trump Media & Technology Group Corp. jumped Friday after former President Donald Trump said he won’t sell shares of the social media company.
“I don’t wanna sell my shares. I don’t need money,” Trump said while speaking to reporters at his golf club in Los Angeles. Trump owns nearly 115 million shares of the company, according to a recent filing with the Securities and Exchange Commission. Based on Thursday’s closing price of $16.08, Trump’s shares are worth approximately $1.85 billion.
The former president can start selling shares of Trump Media, the parent company of Truth Social, starting on Sept. 19 when a lockup provision ends, if he chooses to do so. The lockup provision prevented company insiders from selling newly issued shares for six months after the company began trading publicly in March.after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot.
“I use it as a method of getting out my word,” Trump said Friday of Truth Social. “For me, it is a great voice.”between Trump and Vice President Kamala Harris. On Friday, shares rallied as much as 29% and ended the day up 11.8%.
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