A fresh SEC filing shows that President-elect Donald Trump has not sold any shares of his media company, Trump Media and Technology. Trump Media has been one of the most volatile stocks in 2024, as its shares have often acted as a proxy for the President-elect's political fortunes. Heading into the election, Trump had promised that he wouldn't sell any TMT shares, and his latest SEC filing shows that he continues to hold 114 million shares of the firm.
However, Trump's percentage stake in TMT has dropped, as he now holds 52.9% of the 216 million shares of the firm as opposed earlier this year when he had held 64.9% of all of the firm's outstanding shares.
Trump Continues To Hold 114 Million Shares In His Social Media Company
Trump's TMT had lost all share price gains made since mid December 2023 by September this year, but since then, the stock has gained 196%. The jump accelerated in late October after the stock peaked at $51. A key factor that has held TMT's stock back this year has been speculation that Trump would liquidate some or all of his 114 million shares in the firm.
The President-elect has promised not to do so, and a fresh TMT filing with the SEC confirms that as of mid-December, Trump's trust continued to hold 114.5 million TMT shares. The filing was made by his son, Donald Jr., and it also reveals that while the President-elect has not sold any TMT shares, his stake in the firm has diluted. As of the latest filing, Trump owns 52.9% of the social media company, which is lower than an earlier reading of 64.9% in April.
Year-to-date, Trump Media's shares have gained 106.8% to become another stock with triple digit percentage gains in 2024. The firm currently has a market capitalization of $7.83 billion which makes Trump a comfortable billion courtesy of his investment.
While TMT is yet to turn a profit, the firm has played a key role in US politics. It has served as the primary means of communication for Trump with his followers after the President-elect's friction with former Twitter (now X) management.
Even though the President-elect has not sold any TMT shares (as he publicly committed), he has transferred control of the stock to his son. Trump's stake is controlled by the Donald J. Trump Revocable Trust, and an SEC filing after the election confirmed that Donald Jr. would act as the trust's trustee.
Since TMT claims to be on its way to profitability, the President-elect's direct or indirect relationship with the firm through stock holdings is key to its valuation. Any rumors that he might sell the stock affect it negatively and also drag down the investments his followers have made in the social media company.
TMT has claimed that "it is well-positioned to further develop and expand its new TV streaming platform, Truth+," courtesy of the $372 million in unaudited cash holdings that it declared through a recent SEC filing.
About the author: Ramish is a seasoned technology writer and editor with more than a decade of experience. He specializes in semiconductor fabrication and market analysis. With a background in finance and supply chain management - via his bachelors in Finance and a micromasters in supply chain management from MIT - Ramish combines financial rigor with deep industry insight to deliver accurate and authoritative coverage.
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