Donald Trump's revocable trust has taken a regulatory step that could pave the way for the sale of up to $2.3 billion in stock in Trump Media & Technology Group, the company behind Truth Social, according to filings released Wednesday. The move comes as the company's stock continues to face significant volatility and scrutiny, with shares falling 6.5% to $18.93 in early trading.
Trump Media filed a registration statement with the U.S. Securities and Exchange Commission to allow the sale of up to 142.5 million shares and warrants. That includes 114.75 million shares held by the Donald J. Trump Revocable Trust, which now controls the former president's entire stake in the company. The trust is overseen by Donald Trump Jr., according to the filing.
While the filing does not indicate an immediate plan to sell, it positions the trust to offload shares once the SEC deems the registration effective. "To be clear, these shares were already registered last June on an S-1 form, and today TMTG submitted a routine filing that re-registers them on an S-3 form in order to keep the Company's filings effective," the company said in a statement. "In fact, there currently is no open window for any affiliate to sell shares."
The timing of the filing drew comparisons to this week's debut of conservative media outlet Newsmax, which surged from $10 to over $230 in two days after going public. Some market observers speculated Trump Media may be seeking to benefit from similar investor enthusiasm, though the filing added to selling pressure on Wednesday.
At Tuesday's close of $20.26, the shares registered by Trump's trust would be worth approximately $2.3 billion. Trump previously said in September that he had "absolutely no intention of selling" his stake in the company when a lockup period expired. He later transferred his holdings to the trust in December after securing the Republican nomination for president.
Trump Media's valuation has fluctuated wildly since going public via a blank-check merger last year. The stock peaked at $79.38 on debut but has since plunged to as low as $11.75. It has erased nearly half its value since the beginning of 2025.
Despite a valuation of $4.1 billion, Trump Media reported just $3.6 million in revenue for 2024 and a net loss exceeding $400 million, according to regulatory filings. The firm is attempting to diversify beyond social media, launching initiatives such as Truth.Fi, a financial services platform developed in partnership with Charles Schwab Corp., and entering a joint venture with Crypto.com to promote U.S.-based blockchain investments.
