Trump Media & Technology Shares Surge, Former President Says He's 'Not Selling' Or Leaving Truth Social: 'Elon Would Love Me To Come Over To X'

Trump Media & Technology Group DJT shares are trading higher Friday after former President Donald Trump shut down speculation that he might sell his shares later this month.

Here's what Trump said.

What Happened: Trump Media & Technology shares have fallen to new lows in recent weeks, with the former president trailing in election polls and speculation that he could cash out his shares in late September.

Trump attempted to ease concerns about selling his stake when questioned by an audience member during a speech in California on Friday.

"No, I'm not selling. No, I love it," Trump said.

The former president said he uses Truth Social, which is owned by the media company he co-founded, as a way to get out his message.

Responding to the the declining share price, Trump said that the stock opened at highs, but the SEC gave the company "nothing but problems." The former president said the stock has also fallen on concerns he's leaving Truth Social.

"I'm not leaving. I love it," he reiterated.

Trump said he's always been popular on social media platforms and was one of the most followed people on platforms like X and Meta Platforms META owned Facebook.

"Elon would love me to come over to X," Trump said of X owner Elon Musk.

Trump has been using X more in recent months, after previously only making one post since he was unbanned by Musk. Trump was banned across multiple social media platforms due to his role in the Jan. 6 attack on the U.S. Capitol.

"Went from being number 1 to having no voice."

Trump said he had to resort to putting out old-fashioned press statements, which proved successful and led to the creation of Truth Social.

"I don't want to have my voice shut down."

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Why It's Important: Trump owns 114,750,000 shares of the media company he co-founded, representing 64.9% of the company. By the end of September, Trump will be able to sell his stake in the company and maintain control, as Benzinga previously reported.

The decision of whether he will sell a portion or his entire stake comes as the social media stock, which owns the Truth Social network Trump frequently posts on, has hit new lows since completing a SPAC merger in March 2024.

"They're worth billions of dollars," Trump said of his Trump Media & Technology shares.

The shares are worth an estimated $2.3 billion based on Friday's share price.

"I'm not going to sell my shares. I don't need money"

DJT Price Action: Trump Media & Technology shares trade at $20.43 on Friday, up 25%. The stock has traded in a range of $16.06 to $79.38 over the last 52 weeks.

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