By Alexandra Ulmer
RANCHO PALOS VERDES, Calif. (Reuters) – Republican presidential candidate Donald Trump told reporters on Friday he will not sell any of his majority stake in the company that owns Truth Social and will not leave the social media platform he created.
Shares of Trump’s media and technology conglomerate rose 18% after his comments.
Trump owns about 57% of Trump Media, whose shares fell this week after his televised debate with his Democratic rival, Vice President Kamala Harris.
Friday’s stock rise comes after weeks of steady declines ahead of key dates this month when Trump and other company insiders are allowed to sell their shares.
“No, I will not sell the club. I will not leave. I love it and I think it is great,” the former president said in response to a question from Reuters.
Trump Media’s value soared to nearly $10 billion after it went public in March, in part because of Trump supporters and traders who bet he would win the Nov. 5 presidential election.
Under the terms of the Trump Media listing, Trump and other insiders will be allowed to sell shares starting later this month, potentially flooding the market with additional stock.
If the stock price remains at or above $12 during any 20 trading days beginning on August 22, Trump will be free to sell the shares beginning on September 20. Otherwise, he is eligible to sell the shares beginning on September 26.
The stock last hit $18.60 on Friday after Trump’s comments.
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