Trump's social media shares explode after Donald Trump says he is not selling

new York
CNN
—

Former President Donald Trump said Friday that he would not sell shares in his controversial social media company, an announcement that sent stock prices soaring.

Trump and other insiders at Trump Media & Technology Group, which owns Truth Social, will be able to sell their shares as early as next week when the lock-up period expires.

“No, I'm not selling. No, I love it,” Trump said during a press conference in response to a reporter's question.

Trump's comments immediately sent the volatile company's stock price soaring 25 percent on Friday afternoon before trading was halted due to volatility. In late afternoon trading, Trump Media was up 19 percent.

“People think I'm leaving. That's why they're disappointed, because when I leave, it's different. But I'm not leaving,” Trump said.

Regulatory filings show that the lock-up period expires at the close of trading on Sept. 19 if the stock's closing price remains above $12. That would allow Trump to sell shares, although experts warn it would be nearly impossible for him to unload all or even most of his shares without the stock price plummeting.

It is not clear whether Trump would rule out selling even a small part of the company.

Trump is Trump Media's largest shareholder, owning 57 percent of outstanding shares. His $114.75 million stake was valued at $1.8 billion at Thursday's closing price.

Trump Media's value has plummeted in recent months due to a combination of concerns about the expiring lockdown and polls suggesting a neck-and-neck race for the White House.

Following the former president's shaky performance at Tuesday night's debate, the stock fell to a record low earlier this week.