Topline
Former President Donald Trump experienced a more than $200 million boost in net worth Friday after saying he will not sell shares in his social media company despite the upcoming end of a six-month lockup period restricting him from selling the stock, which performed well Friday.
Trump made the announcement Friday in California. (Photo by Mario Tama/Getty Images)
Key Facts
Trump said at a press conference he “has absolutely no intention of selling” his shares in Trump Media & Technology Group Corp., the parent company of the former president’s social media platform Truth Social.
Trump Media shares reacted positively to Trump’s commitment, closing up nearly 12% at $17.97 on Friday as the former president’s net worth increased $217 million to $3.9 billion.
The jump in share price marked a rebound from Wednesday, when the stock plummeted to a $16.68 close following Trump’s debate with Vice President Kamala Harris the day before.
Trump will be able to sell his roughly 60% share of the company on Sept. 19 if the stock remains above $12 per share or on Sept. 25—when the stock will have been on the market for six months and satisfied the lockup period conditions.
However, the former president committed to keeping his shares, telling reporters, “No, I’m not selling. No, I love it,” according to CNN.
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Why Did Nasdaq Halt Trading On Djt—prompting Trump Criticism?
The Nasdaq halted trading on Trump Media twice Friday afternoon, provoking a Truth Social post from Trump in which the former president accused the halt of hurting the stock and vowed to “hold NASDAQ, and maybe the SEC, liable for doing what they are doing.” It is not uncommon for the Nasdaq to halt trading on a stock while it’s volatile.
Key Background
Trump Media’s Friday rebound is a drop in the bucket of an otherwise poor run since March, when it peaked at $66.22 per share. Trump’s net worth is significantly wrapped up in Trump Media’s performance, which has sent his net worth swaying high and low throughout the year as it has reacted to Trump’s conviction on 34 felony crimes and his assassination attempt. In May, when shares hit $54, Trump’s net worth was boosted to $8.2 billion—one of its highest points. Speculation around when and if Trump would unload his approximately 60% share of Trump Media has swirled for months, as the company’s prospectus had warned a sale could increase volatility or lower the price of Trump Media common stock if “holders of restricted shares sell them.”
Further Reading
When Can Donald Trump Sell DJT Stock? Here’s What To Know As Truth Social Hits New Lows (Forbes)
Trump Media Shares Plummet 15% To Record Low After Debate (Forbes)
