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Shares in Donald Trump’s social media company fell after the president opened the door to sell his entire $2.3 billion shares.
Shares in Trump Media and Technology Group, which operates Truth Social, fell 8% on Wednesday after the company said it filed that it plans to sell more than 112 million shares.
A filing with the Securities and Exchange Commission late Tuesday showed that 114 million Trump shares were included in the sale, and that it would take place “on one or more products at a time.” The shares are worth around $2.3 billion and are held in a trust controlled by his son, Donald Trump Jr.
Existing shareholders, including the president, U.S. Attorney General Pam Bondy, TMTG Chairman Devin Nunes and a Cayman Islands Registrar known as Yorkville, have filed that they are attempting to sell a total of 114 million shares. TMTG is planning to issue 8.4 million shares.
TMTG stock trading under the Ticker DJT has plummeted more than 40% this year amid concerns that the sale of US stock markets driven by the president’s aggressive trade agenda and taxation of some of the US key trading partners will consider the global economy.
Later on Wednesday, when he is called “Liberation Day,” Trump announces his new “mutual” tariffs on foreign countries at a ceremony at the White House Rose Garden.
In September, DJT spiked after Trump said he wasn’t planning on selling his shares at the company. Stock trading was temporarily suspended by the Nasdaq later that day.
Trump later accused the Nasdaq of “taking an order” from the SEC. Writing about the true society, the president said at the time. [Nasdaq] Do I need to do this? They did it twice today. what happened? ”
Earlier this week, TMTG became the first group to list on the New York Stock Exchange’s Texas platform, but its main list remains on NASDAQ.
Despite TMTG reporting a net loss of $19.2 million in the third quarter, stocks have become a common way for individual investors to show support for the president. In October, the company said that around 650,000 shareholders “have a unique profile that makes up the retail investors overwhelmingly.”
“Around 2,100 investors own more than 5,000 shares, with fewer than 1,000 investors own more than 10,000 shares,” the company said.
