Former U.S. President and Republican presidential candidate Donald Trump speaks during a press conference at the Trump National Golf Club in Los Angeles, Rancho Palos Verdes, California on September 13, 2024.
Robin Baker | AFP | Getty Images
shares Trump Media Shares soared more than 25% on Friday within minutes of taking a majority stake Donald Trump said he would not sell his shares.
“I have absolutely no intention of selling,” the Republican presidential candidate said. lock protocol Expired.
Trading in the stock was briefly halted Friday afternoon after Trump made comments to the media at a golf club in California.
Trump said Truth Social, Trump Media’s Twitter-like social media platform, “has been very good to me,” adding that his stake is still worth more than $1 billion.
“But I don’t want to sell my stock. I’m not selling my stock,” he said.
“I’m not doing it for the money. I’m doing it because I really want to have a strong voice, and this is a great voice for me,” he said. “As long as my voice is there, everything will be fine.”
The company’s value initially soared when it first traded on Nasdaq as DJT after completing a merger with a special purpose acquisition company in late March.
But the stock has plummeted in recent months, down as much as 80% from its intraday high.
“A lot of people think the reason the stock price is down is a lot of people think I’m going to sell the stock, and if I sell, it’s going to be different,” Trump said.
Trump Media, which reported meager revenue and millions of dollars in losses in its latest quarterly earnings report, said in a filing with the Securities and Exchange Commission that Truth Social depends on Trump’s continued popularity.
The company’s market capitalization still exceeds $3.7 billion. Analysts say investing in Trump media has become a way for Trump fans to support him or bet on his political fate.
The company fell to post-consolidation lows this week on concerns that Trump might start selling its stock once free.
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— CNBC’s Josephine Rozzelle contributed reporting.
