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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
cnbc.com / 1 year ago
Donald Trump's shares worth $2 billion in Trump media are up for sale. Details here
Donald Trump's social media company, Trump Media & Technology Group, filed to re-register for sale billions of dollars' worth of shares that he has in the company and that are held in a trust overseen by his eldest son, as per a report.
The registration statement, filed with the Securities and Exchange Commission on Monday, permits the trust to sell shares, but that doesn't mean any sale is imminent. The nearly 115 million shares held in the trust were previously registered last summer by Trump Media, which is the parent company of Truth Social, the social media platform that Trump has used as his primary online megaphone, NYT News Service reported.
A few weeks after winning the presidential election, Trump transferred his shares in Trump Media to the Donald J. Trump Revocable Trust, which is controlled by his eldest son, Donald Trump Jr. The president has said on several occasions that he had no plans to sell shares.
Donald Trump is the largest single shareholder in Trump Media, controlling roughly 53 per cent of its shares. The stock, which surged after the election, has plunged more than 40 per cent this year.
With the stock trading around $19, Trump's stake is worth nearly $2.2 billion. Trump Media's share price has swung wildly since it went public a year ago. Its trading patterns often seem divorced from the financials of the company, which has so far generated scant revenues and continues to post quarterly losses.
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In a news release, Trump Media said the registration statement was being misconstrued by the «legacy media» as a new event, even though it had previously registered the shares. The company said it was «a routine filing that re-registers» the shares for future sale.
The filing also
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markets
Digital
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21.05 / 09:47
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