The $2 billion worth of Donald Trump's Trump media shares are for sale.
Trump Media & Technology Group, the president's social media corporation, sought to re-register for sale billions of dollars' worth of shares he owns in the company, which are kept in a trust managed by his oldest son, according to a report.
Although the trust is authorized to sell shares by the registration statement it submitted to the Securities and Exchange Commission on Monday, no sale is expected to occur anytime soon. According to the NYT News Service, Trump Media, the parent firm of Truth Social, the social media platform that Trump has utilized as his main online megaphone, already registered the almost 115 million shares held in the trust last summer.
Trump moved his Trump Media holdings to the Donald J. Trump Revocable Trust, which is run by his oldest son, Donald Trump Jr., a few weeks after he won the presidency. The president has often stated that he had no intention of selling shares.
Donald Trump owns over 53% of Trump Media's shares, making him the company's largest stakeholder. This year, the stock has dropped more than 40% from its post-election spike.
Trump's investment is worth around $2.2 billion, given that the stock is now selling at about $19. Since going public a year ago, the price of Trump Media's shares has fluctuated dramatically. Its trading habits frequently appear to be disconnected from the company's financials, as it has produced very little revenue to date and continues to report quarterly losses.
Despite having already registered the shares, Trump Media claimed in a news release that the "legacy media" were misinterpreting the registration statement as a recent development. "A normal filing that re-registers" the shares for future sale, according to the corporation.
Additionally, shares held by others were registered for sale in the filing. Yorkville Advisors, a New Jersey-based financial firm that collaborates with Trump Media to develop retail investment products, such as an exchange-traded fund for cryptocurrency, is one of the other stockholders. A little more than 17 million shares that Yorkville had purchased from Trump Media as part of a long-term financing agreement were registered in the filing.
The registration statement also lists 106,000 shares that are owned by Pam Bondi, the attorney general of the United States. In return for consulting for a shareholder of the cash-rich special purpose acquisition firm that Trump Media merged with to go public, Bondi had obtained the shares.
Bondi stated in the ethical agreement she submitted to the federal Office of Government ethical that she intended to sell off her stock in Trump Media within ninety days of being confirmed, which would be in early May.