Donald Trump Can Cash Out His Trump Media & Technology Stock, Keep Company Control: Here's How Many Shares He Owns

A media company that Ex-President Donald Trump co-founded passed its lockup expiration on Thursday.

Shareholders of Trump Media & Technology Group DJT from before the company went public, have been subject to a 180-day lockup agreement. They are now free to sell their shares that were part of the 180-day lockup.

Trump’s stake — 114,750,000 shares — has a $1.7 billion valuation as of Thursday.

If Trump sells his shares, he will still maintain control over the company thanks to a special voting class of shares. Trump is the only holder of the other class of stock created. He has 55% voting power of the company if he holds one of the higher class shares.

Trump can also retain control of the company if he’s re-elected president or ends up in prison (he was found guilty of 34 felony counts), filings show.

During a California rally on Friday, an audience member asked whether Trump would sell his stake.

“No, I’m not selling,” Trump responded. “No, I love it.”

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Trump Media & Technology owns the Truth Social platform, a conservative-leaning alternative to Facebook and Twitter, now X.com.

Trump oversaw the platform’s launch after his suspension from several major social networks following the Jan. 6 Capitol riot in 2021.

Trump Media’s share price soared in March when the SPAC merger with Digital World Acquisition closed. Shares opened at $70.90 on March 26 and hit a high of $79.38 shortly after. Trump's wealth soared as the company valuation reached $8 billion.

Trump Media’s stock price fell 15%, to $15.84, on Wednesday, Sept. 11 — the morning after the debate between Trump and Vice President Kamala Harris. The shares closed at $16.68, down more than 10% on that day.

While shares of the Trump media company have spiked and remained volatile during the 2024 election and around legal events for the former president, the stock is down year-to-date and has hit several new post-SPAC merger 52-week lows in recent weeks.

Investors should be aware of potential risks if Trump and other shareholders sell their stake, as it could lead to more downward pressure on the stock and also increase the float.

Trump brushed off the declining share price, blaming the U.S. Securities and Exchange Commission (SEC) for causing "nothing but problems," and added that investors are worried he's leaving the platform.

"I'm not going to sell my shares. I don't need money,” he said.

If Trump changes his mind, he will have to disclose to the SEC that he sold stock as a 10% or larger owner of the company.

While Trump may not sell his shares, other backers of the company may choose to do so. Investor ARC Global, which owns around 13.1 million shares, registered shares for sale back in April.

In the meantime, the former president continues to use Truth Social to convey his campaign messages and opinions (i.e., “I HATE TAYLOR SWIFT“).

DJT Price Action: Trump Media & Technology stock is down 4% to $14.99 on Thursday, hitting a new post-public low of $14.77 earlier in the day.

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