The chief financial officer of Trump Media, along with two other executives, sold over $16 million in company stock during the week after the presidential election, according to newly released disclosures.
CFO Phillip Juhan sold the majority of the company's stocks, while media director Eric Swider and general counsel and the company's secretary Scott Glabe each sold smaller amounts of the shares, CNBC reported.
In August, Juhan, who is also Trump Media's treasurer, put in place a trading plan outlining his intention to sell 400,000 shares of DJT stock by December 2025. The move comes just days after Donald Trump, the company's majority owner, was elected president on Nov. 5.
Last Friday, Juhan sold 320,000 shares priced at $30.65 each, totaling $9.8 million worth of stocks, according to a Form 4 filing with the U.S. Securities and Exchange Commission. On Monday, he sold an additional 64,000 shares at $32.97 each, bringing in another $2.11 million.
Post the second sale, Juhan was left with 265,798 shares of DJT, of which only 20,000 are unrestricted, the filing shows. The remaining shares, which are restricted stock units (RSUs) and granted to him on Nov. 5, the U.S. Election Day, cannot be sold immediately.
According to the filing, 25% of the granted stock will vest and be available for sale on Dec. 25. While the rest of the shares will vest in quarterly installments through March 2027.
Based on a new Form 4 filing, Swider sold 136,183 shares of DJT on Friday at a price of $28.23 per share, totaling $3.84 million. Though he sold all his shares, his private consulting firm, Renatus Advisors, still retains 18,043 shares in Trump Media, the filing shows.
Glabe sold 15,917 shares at $32.19 each, for a total of $512,368. However, he still holds 336,576 restricted stock units, which were awarded to him on Nov. 5. These RSUs will vest on the same schedule as Juhan's, as per his filing.
The company's CEO, Devin Nunes, also received 1.3 million RSUs on Nov. 5, valued at nearly $38 million on paper. Nunes' RSUs will follow the same vesting schedule as those held by Juhan and Glabe.
Trump Media, the company behind the Truth Social app, has a market value of $6.3 billion, though it generated just over $1 million in revenue during the third quarter of this year. Since its stock became publicly traded in late March, the company's share price has experienced dramatic volatility. For the third quarter, it reported a loss of $19.2 million.
Meanwhile, Trump has said that he has no plans to sell his shares in Trump Media, adding that anyone claiming otherwise should be investigated, according to Fortune.
With a 57% ownership stake in the company, Trump holds over 114 million shares, which were valued at nearly $3.5 billion on Tuesday.
The value of Trump Media's shares is closely linked to the fortunes of its billionaire owner, making it highly volatile. On Election Day, the company's stock was halted three times due to price swings.
