President-elect Donald Trump called on the “appropriate authorities” to investigate people spreading “probably illegal” rumors that he’s going to sell his stock in Truth Social’s parent company.
Trump has a majority stake in Trump Media and Technology Group Corp, which trades under DJT. He and other top investors were allowed to start selling off their shares in the company in September but, on Friday morning, Trump clarified that at least for him, that’s not happening any time soon.
He took to none other than Truth Social to try to put an end to the rumors, saying: “There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth.”
He transitioned to all caps to clarify: “THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”
“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,” Trump continued.
“Truth is an important part of our historic win, and I deeply believe in it. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!”
Trump posted on Truth Social shortly after 10am. In the hours that followed, shares in DJT jumped by 15 percent by the end of the day.
The company stock was turbulent in the leadup to the election; DJT was even halted five times on election day alone for volatility.
Despite the ups and downs, the company was valued at over $10 billion as of last week. Its shares more than quadrupled since late September — making it worth more than X, which is owned by ardent Trump supporter Elon Musk.
