Donald Trump promised not to sell off shares of Truth Social's parent company and called for an investigation into rumors that he would on Friday.
Trump's commitment to his stock came in a post to his social media platform, his first written post to the site since his election victory.
"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,” the president-elect wrote. “THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”
Trump’s shares in the company are worth over $3.5 billion. A merger between Truth Social's parent company, Trump Media, and Digital World Acquisition Corp took Trump's company public and left him with that multi-billion dollar stake despite the social media platform’s minuscule revenue.
The stock has been highly volatile for the duration of its existence, rallying and cratering in close connection with Trump’s personal and political fortunes. It’s been the subject of a massive short-selling campaign, leading the group’s CEO, Devin Nunes, to ask regulators to investigate market manipulators earlier this year.
“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,” Trump said on Friday.
