President Donald Trump’s social media company Truth Social has filed paperwork with securities regulators, allowing Trump’s trust to sell up to 115 million shares of the company’s stock, worth up to $2.3 billion.
Trump Media and Technology Group (TMTG), the operator of Truth Social, saw its stock price fall by 7.4% on Wednesday following this filing. The filing detailed plans to sell more than 142 million shares, including Trump’s personal 114 million shares, which are held in a trust controlled by his son Donald Trump Jr.
According to the U.S. Securities and Exchange Commission (SEC), the sale will be conducted “from time to time in one or more offerings.” In addition to Trump’s stake, other shareholders —including U.S. Attorney General Pam Bondi, TMTG Chair Devin Nunes, and a Cayman Islands-registered entity called Yorkville — are looking to sell a combined 134 million shares. There are also plans for TMTG to issue 8.4 million new shares.
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Despite this, TMTG sought to downplay the speculation that Trump was attempting to offload his stake. The company asserted that the filing was “a routine filing” and denied that it was “paving the way for the Trump trust to sell its shares,” via a Truth Social post.
The company’s stock, which trades under the ticker DJT, has fallen more than 40% amid concerns over Trump’s trade policies. Investors fear that the sweeping tariffs Trump plans to impose, would have a significant impact on the U.S. economy.
DJT’s stock had surged in September 2024 after Trump publicly stated he had no plans to sell his shares. However, trading was temporarily halted by Nasdaq on the same day, leading Trump to accuse the exchange of taking orders from the SEC. TMTG became the first company to list on the New York Stock Exchange’s Texas-based platform earlier this week, though its primary listing continues to be on Nasdaq.
Although TMTG’s stock saw a net loss of $19.2 million in the third quarter, it has gained a loyal following among investors who see their holdings as a show of support for Trump. In October 2024, the company stated that it had around 650,000 shareholders, most of whom were small investors.