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Donald Trump says he has no plans to sell shares in Trump Media


Donald Trump says he has no plans to sell shares in Trump Media

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Former President Donald Trump said on Friday that he would sell his shares in Trump Media and Technology Group as soon as the opportunity approaches.

“I built it because I don’t want my voice silenced,” Trump said during a press conference at his golf course near Los Angeles. “A lot of people think I’m going to sell my stocks, you know, they’re worth billions of dollars, but I don’t want to sell my stocks. I don’t need any money.”

Trump’s stake in the public company behind his right-wing social media site Truth Social is under six-month blocking period That could be over as early as September 20 – if the stock price stays above $12 for 20 trading days starting August 22. At that point, Trump could sell all or part of his shares. If the shares fall below $12, the first day Trump could sell would be September 25, regardless of the stock’s value.

If Trump gets the green light, he can sell his 114.75 million shares of Trump Media, or about 60 percent of the company’s outstanding shares. The Republican presidential candidate is expected to earn over $2 billion from the sale of shares – whereby the amount of these returns depends on the share price.

“As long as my voice is there, it will always be good,” Trump added, noting that investors are worried he will sell his stocks. “But I have absolutely no intention of selling.”

Trump Media shares rose 25 percent on Friday, reaching $20 per share for the first time since late August. In the minutes after Trump’s comments were made public, the stock rose by about $4 per share.

John Rekenthaler, Vice President of Research at Morningstar (MORNING) DJT has previously been called an “affinity stock” – a stock based on people’s feelings and perceptions of the former president rather than business performance. Rekenthaler warned that Trump Media stock would “drop to zero or something close to it.” if Trump were to lose the presidential election in November.

On Wednesday, for example, the stock slipped after Trump’s found himself on the defensive on issues such as abortion, often played into the hands of his Democratic rival and appeared rattledIn June, the stock rose due to its strong Debate performance against President Biden, and after a Assassination at a campaign rally in Pennsylvania in July.

The company itself has noted in regulatory filings that its “success depends in part on the popularity of its brand and the reputation and popularity” of Trump and that “negative reactions to Trump’s publicity or the loss of his services could adversely affect TMTG’s revenues and operating results.”

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