California: Donald Trump is not selling any of his majority stake in the company that owns Truth Social, and he will not leave the social media platform he created, the Republican US presidential candidate told reporters on Friday.
Shares of Trump Media & Technology Group surged 18% following his comments.
Trump owns about 57% of Trump Media, which saw its shares slump this week following his televised debate with Democratic rival Vice President Kamala Harris.
Friday's surge in the stock follows weeks of steady declines ahead of key dates this month when Trump and other company insiders will be allowed to sell their shares.
"No, I’m not selling," the former president said in answer to a question asked by Reuters. "I’m not leaving. I love it. I think it’s great."
Trump Media saw its value balloon to nearly $10 billion following its stock market listing in March, lifted in part by Trump supporters and traders betting he would win the Nov. 5 presidential election.
According to provisions related to Trump Media's listing, Trump and other insiders will be allowed to sell stock beginning later this month, potentially flooding the market with additional shares.
If the stock price remains at or above $12 for any 20 trading days commencing Aug. 22, then Trump will be free to sell shares beginning on Sept. 20. Otherwise, he is eligible to sell shares beginning on Sept. 26.
The stock was last at $18.60 on Friday following Trump's comments.
Published 13 September 2024, 22:00 IST