New York
CNN
—
Former President Donald Trump said Friday that he is not selling shares in his controversial social media company, an announcement that sent the stock prices skyrocketing.
Trump and other insiders in Truth Social owner Trump Media & Technology Group will be free to sell shares as soon as next week when lock-up restrictions are set to expire.
“No, I’m not selling. No, I love it,” Trump said during a press conference in response to a question from a reporter.
Trump’s comments instantly sent the volatile company’s share price spiking 25% on Friday afternoon before trading was halted for volatility. In late afternoon trading, Trump Media was up 19%.
“People think that I’m leaving. That’s why they’re down, ‘cause it’s different if I leave. But I’m not leaving,” Trump said.
Regulatory filings indicate the lock-up period will expire as soon as the closing bell on September 19 if the closing share price remains above $12. That would allow Trump to sell shares, although experts caution that it would be nearly impossible for him to dump all or even most of his stock without crashing the share price.
It’s not clear if Trump is ruling out selling even a smaller piece of the company.
Trump is the dominant shareholder in the Trump Media, owning 57% of the outstanding shares. His stake of 114.75 million was valued at $1.8 billion based on Thursday’s closing price.
Trump Media’s value plunged sharply in recent months because of a combination of concerns about the expiring lock-up restriction and in response to polls indicating a close race for the White House.
The stock tumbled to record lows earlier this week after the former president’s shaky performance in Tuesday night’s debate.
