President-elect Trump on Friday said talk that he would sell his shares in Truth Social was “untrue” and called for anyone who spread such rumors to be “immediately investigated.”
“There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth.,” Trump posted on the social media site. “THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”
“I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities,” he added. “Truth is an important part of our historic win, and I deeply believe in it.”
The president-elect has a sizable stake in Trump Media & Technology Group, the parent company of Truth Social. Trump was able to start selling his shares as of Sept. 19, after a lockup provision that prevented company insiders from selling, expired, according to The Associated Press.
The company’s stock climbed Wednesday after Trump won a decisive victory in the presidential election against his Democratic rival Vice President Harris, even as quarterly earnings reports have shown the business has had difficulty generating revenue and attracting new users.
Trump has primarily used Truth Social to post statements, re-post content and share musings on current events in the same way he used Twitter, now known as social platform X, while he was in the White House.
It’s unclear if he will be required to give up his stake in Truth Social to comply with federal ethics rules upon taking office.
During his first term, Trump did not put his assets in a blind trust as experts urged him to do, instead handing over control of the company to his sons, Donald Trump Jr. and Eric Trump.
