Donald Trump dismisses ‘fake and illegal’ Truth Social ‘rumours’ spreading after his election victory

Former US President Donald Trump has finally broken his silence on social media following his recent election victory, addressing speculation around his investment in Truth Social, the platform he founded after his Twitter ban in early 2021.

Earlier rumors had circulated that Trump might sell shares in Truth Social, which he strongly refuted in a statement, calling the claims “illegal” and urging an investigation into those spreading them.

The 78-year-old elected POTUS is currently at Mar-a-Lago, celebrating his win and beginning the groundwork for 2.0 administration.

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His re-emergence on social media follows an unusually quiet period of 72 hours post-election, but he returned with a firm statement clarifying his, “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. THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”

“Truth is an important part of our historic win, and I deeply believe in it. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!”

Truth Soical stock plumments by 35%

Trump is the dominant shareholder in the platform, which has gained traction among his supporters since its inception. Shares in Truth Social surged by 35 percent following his election win, boosting the company’s market value to $9 billion—outpacing household names like Macy’s and vastly exceeding JetBlue’s value. Trump’s stake in the platform is substantial, with his 114.75 million shares estimated to be worth around $5.3 billion as of Wednesday.

Matthew Tuttle, CEO of Tuttle Capital Management, explained to CNN that the Truth Social’s stock surg could be because of Trump’s election victory.

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Tuttle cites the stock became a “pure play” for traders eager to capitalize on Trump’s re-election, with betting platforms like Polymarket and Kalshi also seeing significant activity as election results rolled in. He noted the surge in Truth Social’s stock price may have been influenced by a “short squeeze,” wherein traders betting against the stock were compelled to buy it back as prices rose.

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