Quick Overview

  • Phillip Juhan, the Chief Financial Officer of Trump Media & Technology Group, the parent company of Truth Social, has adopted a stock sale plan under SEC Rule 10b5-1, planning to sell approximately $13.4 million worth of company stock from this month through December 2025. The plan was submitted on November 5disclosed in an SEC filing。
  • Under SEC rules, corporate insiders can arrange stock trades in advance to avoid insider trading liability. Juhan plans to sell 400,000 shares of Trump Media stock over the coming months; the stock closed regular trading on Monday at $33.41 per share.
  • Juhan previously sold approximately$1.9 million worth of company stock in August, which were repurchased by the company "solely to cover withholding taxes owed to applicable tax authorities," according to a securities filing.

Deep Insight

Three days after winning the presidential election on November 5, Trump sought to quell rumors that he intended to sell his Trump Media stock.

"There are some fake, untrue, and possibly illegal rumors and/or statements, possibly made by market manipulators or short sellers, that I intend to sell Truth stock," Trump said on Truth Social. "I have no intention of selling," Trump emphasized in capital letters.

"I hereby request that the relevant authorities immediately investigate those who spread these false rumors or statements, as well as those who may have done so in the past," Trump said on November 8.

Since Election Day, Trump Media's stock price has been volatile, leading toa trading halt on Nasdaq todayand multiple halts last week, as traders seeking to profit from the election results frequently entered and exited the market.

As its majority shareholder received a significant number of votes on Election Day, Trump Media reported a third-quarternet loss of $19.2 million, with revenue of approximately $1 million.

Similar to Juhan, Trump Media executives—including CEO Devin Nunes, COO Andrew Northwall, and General Counsel Scott Glabe—also sold company stock earlier this year to cover withholding taxes, according toCFO Dive reports。

These sales occurred afterthe company's audit committee approvedthe repurchase of a total of 128,138 shares of common stock "from certain executive employees" at $22.70 per share, according to an SEC filing.

The news of the repurchase plan came before the end of the six-month period during which Trump was barred from selling his shares in Trump Media, based in Sarasota, Florida.

Trump, Juhan, and executives such as CEO Nunes were prohibited fromselling their common stockfor six months after the company went public through a merger with a special purpose acquisition company in March, according to CNBC.