Truth Social, President Donald Trump’s social media platform, has filed securities paperwork that would allow his trust to sell more than $2 billion worth of stock in the company.
The SEC filing, made Tuesday by Trump Media & Technology Group, the parent company of Truth Social, would allow President Trump’s trust to sell nearly 115 million shares. Those shares in Truth Social, following a 4% drop in early-trading on Wednesday, are worth $2.2 billion.
The filing does not guarantee Trump’s trust will sell shares, but it does open the door for the trust to do so at some point down the line. Donald Trump Jr., the president’s son, is the trust’s sole trustee.
Last September, Trump said he had no intention of selling his Truth Social shares when the lockup period — barring insiders like the president, his son and CEO Devin Nunes — ended on Sept. 19. He reiterated that stance shortly after the election, saying there were “fake, untrue and probably illegal” rumors that he was going to sell shares.
“THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!” the president posted on Truth Social on Nov. 8. “I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities.”
The timing of Truth Social’s filing stands out, as right-leaning news outlet Newsmax has seen its stock price rocket higher since making its Wall Street debut on Monday. The company was worth more than The New York Times and News Corp. when markets closed on Tuesday, after its share price jumped from $10 to $233 in two days. Newsmax’s stock has dropped 39% as of Wednesday morning to $129 per share.
The Trump Trust’s shares in Truth Social were worth much more last fall, when the company’s share price jumped to north of $50 heading into the election. The company is trading for about $19 per share on Wednesday morning.
