Trump media stocks jumped after the former president said he would not sell shares once the lockup expired

NEW YORK (AP) — Shares of Trump Media and Technology Group Corp. jumped Friday after former President Donald Trump said he would not sell shares in the social media company.

“I don't want to sell my shares. “I don't need the money,” Trump told reporters at his golf club in Los Angeles.

Trump owns about 115 million shares of the company, according to recent filings with the Securities and Exchange Commission. Based on Thursday's closing price of $16.08, Trump's shares are worth about $1.85 billion.

Former President Trump can begin selling shares of Media, the parent company of Truth Social, starting Sept. 19 when a lockup provision expires, if he chooses to do so. The lockup provision prevents company insiders from selling newly issued shares for six months after the company begins trading publicly in March.

Although Trump would get a big buck if he sold, Trump Media stocks now The price is considerably lower It was worth several months ago. When the company made its self expression On the Nasdaq in March, it hit a high of $79.38.

Created by Trump The truth is social On January 6, 2021, he was banned from Twitter and Facebook following the Capitol riots. Based in Sarasota, Florida, Trump Media is losing money and struggling to raise revenue. According to regulatory filings, it lost about $58.2 million last year while generating just $4.1 million in revenue.

“I use it as a way to get my point out,” Trump said at the Friday of Truth social. “For me, it's a great voice.”

The stock fell more than 10% on Wednesday Controversy Between Trump and Vice President Kamala Harris. On Friday, shares rose as much as 29% and are up 11.8% on the day.