Trump Media insiders are dumping their stock in Truth Social’s parent company.
Trump Media & Technology Group director Eric Swider sold all the stock he owned directly in the company on Friday, offloading 136,183 shares at $28.23 per share, a total value of more than $3.8 million, according to a filing with the Securities and Exchange Commission. Swider still holds a little more than 18,000 shares in TMTG via an LLC, Zach Everson reported Wednesday in his 1100 Pennsylvania newsletter.
Swider had been the CEO of Digital World Acquisition Corporation, which merged with TMTG in March when the media company was on the verge of running out of cash. The deal was seen as a major win for Trump, infusing $300 million into the company and keeping Truth Social up and running. The merger also helped the media entity make a particularly strong debut on the stock market, with a valuation of nearly $8 billion, sending the worth of Trump’s personal stake in the company skyrocketing to upward of $3 billion.
But Swider wasn’t the only one to offload his Trumpian assets. Also on Friday, Chief Financial Officer Phillip Juhan dumped 320,000 shares at a price of $30.65 apiece, and on Monday he sold another 64,000 shares at a price of $32.97 each, leaving him with just over 265,000 shares in the social media endeavor. General counsel and Secretary Scott Glabe also dropped shares on Friday, though significantly fewer—15,917 shares, at $32.19 each.