Donald Trump plans to sell his stake in Trump Media & Technology Group (TMTG), which owns the Truth Social platform. His stake is valued at $2.3 billion, The Telegraph reports.
Documents filed with the U.S. Securities and Exchange Commission (SEC) show that Trump is preparing to sell 114 million shares through public transactions. TMTG shares fell 8% immediately after the news.
Truth Social was created in 2021 after Trump was blocked on Twitter due to the events of January 6. He stated that the platform should stand up to the "to the tyranny of big tech."
In response to news of the possible sale, TMTG said the documents merely consolidate previous registration statements and do not signify a change in the status of the shares.
TMTG has been struggling financially recently, with its shares down 63% in a year and user numbers declining. Trump controls 52% of the company through a trust run by his son, Donald Trump Jr.
TMTG shares have been traded on Nasdaq under the ticker DJT since its launch in September 2021. In 2023, the company also became the first to list on the New York Stock Exchange's Texas Exchange platform.
Trump previously stated that he had no intention of selling his stake and that Truth Social was his main communication platform.