Liam Donovan, a strategist at Associated Builders & Contractors, wrote in The Bottom Line that many businesses are worried about the expiration of President Trump’s tax cuts.
Stock Trump Media and Technology Group The stock surged on Friday after former President Trump vowed not to sell his stake in the company.
Trump Media is the parent company of Trump’s Truth Social, and the former president told reporters at his California golf club on Friday afternoon that he will continue to hold shares in the company and has no plans to leave the social media platform.
Former President Trump arrived at a campaign event at the Central Wisconsin Airport in Mosinee, Wisconsin on Saturday. (Scott Olson/Getty Images/Getty Images)
“No, I’m not selling,” Trump said. “I’m not leaving. I love it here. I think it’s a great place.”
Trump Media shares rose 30% following Trump’s comments and then closed up 12%.
Trump claims Hollywood is secretly voting for him because they want lower taxes
Trump owns about 57% of Trump Media, whose shares plummeted this week following his televised debate with Democratic rival Vice President Kamala Harris.
Friday’s surge in stock prices came after weeks of steady declines ahead of a key date this month when President Trump and other company officials are allowed to sell stock.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| David | Trump Media & Technology Group, Inc. | 16.07 | -0.60 |
-3.63% |
Trump Media and Technology Group
Trump Media’s value has ballooned to nearly $10 billion since it went public on the stock market in March. Trump Media shares are popular among individual investors, who see them as a speculative investment in the chances that Trump will secure a second four-year term as president.
Trump campaign denies energy dispute with German Foreign Ministry: ‘No one cares’
But Trump Media’s shares have lost most of their value since going public, and the decline has accelerated in recent weeks as President Biden gave up his re-election bid and Trump lost his lead in the polls ahead of the Nov. 5 presidential election.
Former President Trump spoke about the economy, inflation and manufacturing at a campaign event at Arlo Steel in Potterville, Michigan on August 29. (Bill Priano/Getty Images/Getty Images)
Under the terms of Trump Media’s IPO, Trump and other insiders will be allowed to sell shares starting later this month, potentially pumping more shares into the market.
Click here to get FOX Business on the go
Following Trump’s comments, the stock closed at $17.97 a share on Friday, valuing his stake at about $2 billion. Forbes magazine values Trump’s net worth at $3.7 billion.
Reuters contributed to this report.
