In a bold move that underscores his confidence in the future of his social media platform, President-elect Donald Trump has emphatically denied any intention to sell his stake in Truth Social’s parent company, Trump Media & Technology Group. This statement comes amidst a remarkable surge in the company’s stock price following Trump’s recent election victory.
The stock experienced a 15% increase on Friday after Trump, in a post on Truth Social itself, denounced what he called “fake, untrue, and probably illegal rumors” circulating about his potential sale of shares. He further demanded an immediate investigation into alleged “market manipulators or short sellers” who he believes are spreading misinformation about his plans.
Trump’s assertion of his unwavering commitment to Truth Social stands in stark contrast to the persistent speculation about his financial interests in the company. The platform has seen a significant growth in popularity in the lead up to the election, even surpassing the valuation of Elon Musk’s X (formerly Twitter) despite its modest financials.
As of last Friday, Trump Media’s market capitalization reached approximately $6.5 billion, with Trump’s personal stake, consisting of 115 million shares, valued at around $3.7 billion. This impressive financial performance comes despite the company reporting revenue of only $1 million and a net loss of $19.2 million in its third-quarter earnings.
The company’s balance sheet, however, boasts a substantial $672.9 million, earmarked for the expansion of the recently launched TV-streaming platform, Truth+. This expansion strategy further underscores Trump’s commitment to growing the platform’s reach and influence.
Trump’s forceful denial of sale rumors and his call for investigations into market manipulation demonstrate his unwavering confidence in the future of Truth Social. His belief in the platform’s potential, evident in its recent growth and expansion initiatives, suggests a determined push to solidify its position in the social media landscape.
