Written by Alexandra Ulmer
RANCHO PALOS VERDES, California (Reuters) – Donald Trump is not selling his majority stake in the company that owns Truth Social, and he will not abandon the social media platform he created, the Republican presidential candidate told reporters on Friday.
Shares of Trump Media & Technology Group rose 18% following his comments.
Trump owns about 57% of Trump Media, which has seen shares fall this week following his televised debate with Democratic rival Kamala Harris.
Friday's rise in the stock follows weeks of sustained 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 response to a question posed by Reuters. “I'm not going. I love you. I think it's good.”
Trump Media saw its value balloon to nearly $10 billion following its stock market listing in March, boosted in part by Trump supporters and traders betting that 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 starting later this month, potentially flooding the market with more shares.
If the stock price remains at $12 or higher in any of the 20 trading days since Aug. 22, then Trump will be free to sell shares from September 20. Otherwise, he is eligible to sell shares from September 26.
The stock ended at $18.60 on Friday following Trump's comments.
