Top Truth Social executive sells millions of dollars’ worth of stock – Washington Examiner
A top executive from Trump Media, which owns the social media platform Truth Social, has sold over $16 million worth of company stock. The chief financial officer, Phillip Juhan, was the primary seller, having previously announced plans to sell 400,000 shares by 2025. Other executives, Eric Swider and Scott Glabe, also sold shares but in lesser amounts. Despite Truth Social’s stock being valued at approximately $6.3 billion, the company generated only about $1 million in revenue during the third quarter of this year, indicating significant volatility since its market launch in March.
Top Truth Social executive sells millions of dollars’ worth of company stock
The chief financial officer of the company that owns Truth Social, President-elect Donald Trump’s social media platform, along with two other company insiders, has sold more than $16 million worth of the company’s stock.
The CFO, Phillip Juhan, sold the majority of the stock and previously said he would sell 400,000 shares by 2025.
Trump Media director Eric Swider and general counsel Scott Glabe were the insiders who sold fewer shares than Juhan.
Truth Social is known for having unusually high market capitalization, $6.3 billion, compared to just over $1 million in revenue in the third quarter of this year. It has been a volatile stock since it started trading in March of this year.
Juhan sold 320,000 shares on Friday at a price of $30.65 per share, or around $9.8 million worth, and later sold another 64,000 shares at $32.97 per share, another $2.11 million worth, on Monday.
Swider sold 36,183 shares of DJT on Friday at $28.23 per share, about $3.84 million worth, which comprised the entirety of his shares in the company. Glabe sold 15,917 shares for $32.19 per share for a total of $512,368 on Friday. He still owns more than 300,000 shares.
Some of Glabe’s and Juhan’s remaining shares will vest on Dec. 25, enabling them to sell more shares if they wish.
Truth Social is directly tied to Trump’s wealth as he owns a majority share in the company. The company was down about 5% at market close on Wednesday.
The president-elect previously declared he would not sell his shares in the company.
“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 last week on Truth Social. “THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”
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