Donald Trump has kicked off the sale of his entire $2.3 billion stake in Truth Social, a social media platform he co-founded, just as global investors were bracing themselves for “liberation day” tariffs on foreign countries.
Shares in Truth Social fell 7.4% on Wednesday after the company announced it plans to sell over 142 million shares, including Trump’s 114 million-share stake. The sale will take place “from time to time in one or more offerings” and is expected to be a significant event for the company.
Existing shareholders, including Trump himself, his son Donald Trump Jr., US attorney-general Pam Bondi, TMTG chair Devin Nunes, and a Cayman Islands-registered company called Yorkville, will also seek to sell shares. The sale could lead to a further decline in the stock price, which has plunged over 40% this year.
The news comes as Trump prepares to announce his new tariffs on foreign countries, dubbed “liberation day”, later on Wednesday. This move is expected to have significant implications for the global economy and may impact investors’ confidence in the company’s shares.
Trump Media has denied that its securities filing was an indication that the Trump trust would sell its shares, describing it as a “routine filing”. The company has also recently reported a net loss of $19.2 million in the third quarter.
Source: https://www.ft.com/content/1b41e7c2-c835-4aa0-b874-6f8a8add107e