(PM.) Former President Donald Trump announced that he has no plans to sell his majority stake in his social media company, Truth Social, and intends to continue using the platform.
“No, I’m not selling,” Trump said on Friday when asked by Reuters. “I’m not leaving. I love it. I think it’s great.”
Following his statement, shares of Trump Media & Technology Group (TMTG), the company behind Truth Social, surged by 30 percent before closing up 12 percent higher than before the announcement. Trump holds about 57 percent ownership in TMTG, a company that saw its valuation skyrocket to nearly $10 billion when it was first listed on the stock market in March.
However, the company has lost significant value in recent months, with its stocks starting to decline since the Democratic Party announced that Biden would be stepping down and Vice President Kamala Harris would be the party’s nominee for president. Investor speculation suggests that the company’s performance is linked to Trump’s re-election chances, particularly as the 2024 election polls tighten.
Despite this, Trump remains confident in the company’s future. Provisions for TMTG’s stock listing allow Trump and other insiders to sell their shares later this month, potentially increasing the stock’s availability in the market.
