Trump’s social media stock explodes higher after Donald Trump says he’s not selling
CNN
Former President Donald Trump said Friday that he is not selling shares in his controversial social media company, an announcement that sent the stock prices skyrocketing.
Former President Donald Trump said Friday that he is not selling shares in his controversial social media company, an announcement that sent the stock prices skyrocketing. Trump and other insiders in Truth Social owner Trump Media & Technology Group will be free to sell shares as soon as next week when lock-up restrictions are set to expire. “No, I’m not selling. No, I love it,” Trump said during a press conference in response to a question from a reporter. Trump’s comments instantly sent the volatile company’s share price spiking 25% on Friday afternoon before trading was halted for volatility. In late afternoon trading, Trump Media was up 19%. “People think that I’m leaving. That’s why they’re down, ‘cause it’s different if I leave. But I’m not leaving,” Trump said. Regulatory filings indicate the lock-up period will expire as soon as the closing bell on September 19 if the closing share price remains above $12. That would allow Trump to sell shares, although experts caution that it would be nearly impossible for him to dump all or even most of his stock without crashing the share price.
Trump is threatening to take “strong action” against Iran just after capturing the leader of Venezuela. His administration is criminally investigating the chair of the Federal Reserve and is taking a scorched-earth approach on affordability by threatening key profit drivers for banks and institutional investors.
Perhaps no data point better encapsulates the American economy right now than this nugget from Delta’s quarterly earnings:
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Saks Global, the parent company of luxury retailer Saks Fifth Avenue, filed for bankruptcy protection late Tuesday, according to court documents filed in US Bankruptcy Court in Houston, Texas.
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Microsoft says it will ask to pay higher electricity bills in areas where it’s building data centers, in an effort to prevent electricity prices for local residents from rising in those areas. The move is part of a broader plan to address rising prices and other concerns sparked by the tech industry’s massive buildout of artificial intelligence infrastructure across the United States.
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The BBC is taking steps to have Donald Trump’s defamation lawsuit against it dismissed, a court document showed.
Amazon executives laid out their vision for Alexa’s future in an interview with CNN at the CES tech convention, where the company launched a new Alexa website and updates to other Amazon products.
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What is Corporate America so afraid of?
President Donald Trump wants to juice the economy with dramatically lower interest rates, to take credit for a booming stock market and, perhaps most of all, for his handpicked Fed chair to get off the stage.
Apple plans to use Google’s Gemini artificial intelligence model to power its updated version of Siri, which is set to launch later this year, the two companies announced Monday.