Shares of Trump Media & Technology Group (DJT) are trading significantly higher on Friday after former President Donald Trump dispelled rumors that he might be selling his stake in the company later this month.
During a speech in California, Trump addressed the speculation directly when questioned by an audience member. He firmly stated, “No, I’m not selling. No, I love it.” He emphasized his commitment to Truth Social, the social media platform owned by Trump Media & Technology Group, as a way to communicate his message.
Trump acknowledged the recent decline in the company’s share price, attributing it to concerns about his potential departure from Truth Social. He stated that he had been one of the most followed individuals on platforms like X (formerly Twitter) and Facebook, and that Elon Musk, the owner of X, had expressed interest in him joining the platform. However, he emphasized, “I’m not leaving. I love it.”
Trump explained that he was banned from various social media platforms following the January 6th Capitol riot, and was forced to rely on press releases to communicate with the public. This experience, he said, led to the creation of Truth Social, which allowed him to regain his voice.
Trump currently owns a substantial 64.9% stake in Trump Media & Technology Group, representing 114,750,000 shares. While he is able to sell his shares and maintain control of the company by the end of September, he has indicated his intention to hold onto his investment. He asserted that his shares are “worth billions of dollars” and that he has no financial need to sell them.
The news of Trump’s commitment to Truth Social and his denial of plans to sell shares sparked a significant rally in DJT stock. The shares closed the day up 25%, demonstrating the market’s reaction to Trump’s words. The stock’s performance highlights the potential influence Trump has over his company’s valuation and the ongoing importance of Truth Social as a platform for his communication.
