Trump’s Truth Social shares tumble as filing signals potential $2.3 billion sell-off

Trump’s Truth Social shares tumble

Shares of Donald Trump’s social media company, Trump Media and Technology Group (TMTG) slid 7.4% Wednesday after the company disclosed a regulatory filing that opens the door for Trump to sell his entire $2.3 billion stake. The move comes amid broader market unease over the president’s looming trade announcement, dubbed “Liberation Day”, the Financial Times reported.

Filing shows Trump’s stake up for sale
In a late Tuesday filing with the Securities and Exchange Commission, TMTG revealed plans to sell more than 142 million shares “from time to time,” including Trump’s personal holding of 114 million shares. The filing marks the first time his entire stake has been included in a potential public offering. Trump’s shares are held in a trust controlled by his son, Donald Trump Jr.

Other shareholders listed in the filing include Attorney General Pam Bondi, TMTG chairman Devin Nunes, and the Cayman Islands-based firm Yorkville. TMTG also said it would issue 8.4 million new shares.

Despite the disclosure, the company attempted to downplay the significance. In a Truth Social post Wednesday morning, Trump Media described the filing as a “routine” measure and denied that it signalled an imminent sell-off.

Investor fears mount as Trump readies new tariffs
The filing dropped just hours before President Trump’s planned Rose Garden announcement of sweeping “reciprocal” tariffs targeting a wide range of foreign imports. Branded “Liberation Day” by the White House, the move has fuelled concerns about a trade war and its impact on US growth.

TMTG’s stock, trading under the ticker DJT, has already plunged more than 40% in 2025. Much of the decline is attributed to worries over the president’s aggressive trade agenda and the resulting market volatility.

A volatile history tied to Trump’s moves
Shares in Trump Media had spiked in September after Trump said he had no intention of selling. That day, Nasdaq temporarily halted trading in DJT twice, prompting Trump to accuse the exchange of acting under SEC orders. “What right do [Nasdaq] have to do this? They have done it twice today,” he wrote on Truth Social at the time.

This week, TMTG became the first company to list on the New York Stock Exchange’s Texas platform, though its primary listing remains on Nasdaq.

Retail investors dominate Trump Media ownership
Despite financial struggles — the company reported a $19.2 million net loss in Q3 — DJT has become a favourite among Trump supporters. The company said in October that it had roughly 650,000 shareholders, with most owning small stakes. Only 2,100 investors held more than 5,000 shares, and fewer than 1,000 held more than 10,000.

The filing comes at a sensitive time for Trump, as the president attempts to strike a balance between policy-driven market disruptions and preserving investor confidence in one of his key personal financial vehicles.

While the company insists no sale is imminent, the inclusion of Trump’s full stake in the SEC filing raises fresh questions about his intentions — and casts a shadow over a company already rattled by political headwinds and market scepticism.