President-elect Donald Trump on Friday blasted rumors that he's selling his shares in Truth Social as "untrue" and called on the "appropriate authorities" to investigate who's been spreading the claims.
"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 on the social media site Friday. "THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!"
He added that the "People who have set off these fake rumors or statements, and who may have done so in the past, [must] be immediately investigated by the appropriate authorities," as "Truth is an important part of our historic win, and I deeply believe in it."
Trump maintains a large stake in Truth Social's parent company, Trump Media and Technology Group, and was able to start selling shares as of Sept. 19 after a provision preventing compnay insiders from selling expired, reports The Hill.
It has not been made clear if federal ethics rules will require Trump to give up his stake in Truth Social once he takes office in January.
Trump Media sales rose Friday by 10% after the president-elect insisted he wouldn't sell his shares.
Shares in the company dropped Thursday as speculative bets on Trump winning a second term lost steam after he defeated Vice President Kamala Harris for the presidency.
During his first term in office, Trump handed over control of the Trump Organization to sons Donald Trump Jr. and Eric Trump, rather than putting his assets into a blind trust.
Prices climbed on Truth Social stock Wednesday after Trump won the presidential election.
However, quarterly earnings reports have revealed that Truth Social was having problems attracting new users and generating revenues.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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