Politics
Trump Media Stock Jumps After Former President Says He Won’t Sell Shares When Lockup Expires
NEW YORK — Trump Media & Technology Group Corp. shares rose on Friday after former President Donald Trump said he would not sell his ownership in the social media company.
“I don’t want to sell my stock. “I don’t need money,” Donald told reporters at his golf club in Los Angeles.
Donald owns over 115 million shares in the corporation, according to a recent SEC filing. According to Thursday’s closing price of $16.08, Donald’s stock is worth nearly $1.85 billion.
Trump Media Stock Jumps After Former President Says He Won’t Sell Shares When Lockup Expires
If the former president desires, he can begin selling shares of Trump Media, the parent company of Truth Social, on September 19, when a lockup provision expires. The lockup agreement banned corporate insiders from selling newly issued shares for six months after the company went public in March.
Even though Donald would earn a sizable payoff if he sold, Trump Media’s stock is now significantly less valuable than it was six months ago. When the company debuted on the Nasdaq in March, it reached a high of $79.38.
Donald founded Truth Social after being barred from Twitter and Facebook following the Jan. 6, 2021, Capitol brawl. Trump Media, headquartered in Sarasota, Florida, has been losing money and failing to generate revenue. According to regulatory documents, it lost approximately $58.2 million last year and generated only $4.1 million in revenue.
Trump Media Stock Jumps After Former President Says He Won’t Sell Shares When Lockup Expires
Following Donald’s debate with Vice President Kamala Harris, the stock fell by more than 10% on Wednesday. On Friday, shares rose as much as 29% and closed up 11.8%.
SOURCE | AP