Shares of Trump Media and Technology Group jumped more than 25% Friday after majority owner and former President Donald Trump said he's not selling his stake in the Florida-based company, CNBC reported.
"I have absolutely no intention of selling," the Republican presidential nominee said.
According to CNBC, Trump will be able to start cashing in his nearly 57% stake, which he said is worth more than $1 billion, in less than a week when a lockup agreement expires.
"I don't want to sell my shares," he said. "I'm not going to sell my shares."
The former president noted that his Truth Social platform, which is owned by Trump media, is "great for me."
Trump said he didn't create the social media platform "for the money."
"I did it because I really wanted to have a strong voice, and it's a great voice for me," he said, according to CNBC. "And as long as my voice is on there, it's going to always be good."
Now in the final stretch of his third presidential campaign, Trump frequently takes to Truth Social to bypass the media and communicate directly with his supporters, as he often complains that many of the media outlets are biased against him.
He also said the Securities and Exchange Commission was to blame for Trump Media's slump in recent months, which has seen shares plunge by as much as 80% from their intraday peak after trading on the Nasdaq started at the end of March.
"A lot of people think the reason it's down is that a lot of people think I'm going to sell and if I sell, it wouldn't be the same," Trump said.
After the 45th president made his comments to the press at his California golf club, trading in Trump Media reportedly paused for a short time on Friday afternoon before resuming.
Nicole Wells ✉
Nicole Wells, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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