(WASHINGTON) — Donald Trump’s social media company on Monday filed paperwork with the Securities and Exchange commission that could allow the president’s trust to sell more than $2 billion of shares.
Trump Media and Technology Group filed a registration with the SEC that would open the door for the president’s trust to sell up to nearly 115 million shares, which are worth more than $2.3 billion.
The filing does not guarantee the sale of the shares nor provide any information about a future sale. Since Trump took office, he transferred his stake of the company into the Donald J. Trump Revocable Trust, which is controlled by his son, Donald Trump Jr.
A sell-off from Trump, the company’s largest individual shareholder, could panic investors and damage the company’s stock price.
Trump Media could not be immediately reached for comment.
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