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Trump raises stake in his media firm to nearly 65%

April 30, 2024April 30, 2024

(Reuters) – Donald Trump has raised his stake in the company that operates his social media app Truth Social to nearly 65% as of last week, according to a filing on Tuesday.

The former U.S. president and Republican presidential candidate secured 36 million shares of Trump Media & Technology Group (TMTG), increasing his stake from 57.6% as of March.

The stock has surged over 50% to $49.93 in the past five sessions, but is still down about 25% from its closing peak on March 27.

Reuters reported last week that Trump would secure a stock bonus worth $1.3 billion from TMTG, equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.

The bonus also reflects the exuberant trading in TMTG’s shares, which have been on a roller coaster ride since the company listed on Nasdaq last month through a merger with a special purpose acquisition company (SPAC) and was snapped up by Trump supporters and speculators.

(Reporting by Juby Babu in Mexico City; Editing by Anil D’Silva)