Former President Donald Trump has declared that he has no intention of selling his majority stake in Truth Social, his social media platform, and plans to continue being an active user.
In a recent interview with Reuters, Trump confirmed, “No, I’m not selling. I’m not leaving. I love it. I think it’s great.”
Following this statement, shares of Trump Media & Technology Group (TMTG), the company behind Truth Social, surged by 30% before ending the day with a 12% gain.
Trump owns approximately 57% of TMTG, a company that initially skyrocketed to a valuation of nearly $10 billion when it was first publicly listed in March.
However, the company has experienced a notable decline in stock value in recent months.
The downturn began as the Democratic Party revealed that President Joe Biden would step aside, making Vice President Kamala Harris the Democratic nominee for the 2024 presidential race.
Market analysts suggest that the fluctuating fortunes of TMTG are closely tied to Trump’s political prospects.
As polls tighten ahead of the 2024 election, investor confidence in the company seems to mirror Trump’s re-election chances.
Despite the company’s recent struggles, Trump remains optimistic about its future.
Starting on September 20, Trump and other insiders will be able to sell shares if the stock maintains a price of $12 or higher for 20 consecutive trading days starting from August 22.
If the stock does not meet that threshold, he will be able to sell starting on September 26, according to reports from Reuters.
After Trump’s public statement that he has no plans to sell, TMTG’s stock closed at $17.97 on Friday, placing the value of Trump’s stake at around $2 billion.
Although Trump recently returned to X (formerly Twitter), where his account was previously suspended, he remains a devoted user of Truth Social.
His reappearance on X came after Elon Musk, the platform’s owner, extended support to him by featuring Trump in a Twitter Spaces interview to discuss the upcoming 2024 election.
Despite this return to X, Trump has reaffirmed his commitment to Truth Social as his primary social media platform.
