Michael Mann 
The chief financial officer of Trump Media and two other corporate insiders sold more than $16 million worth of company stock in the week following the presidential election, according to new disclosures.
Most of the stock was sold by CFO Phillip Juhan, who in August adopted a trading plan that revealed his intention to sell 400,000 DJT shares by December 2025.
Trump Media director Eric Swider and Glabe Scott, the company’s general counsel, each sold fewer shares of the company, whose majority owner Donald Trump was elected president on Nov. 5.
Trump Media, which operates the Truth Social app, has a market capitalization of $6.3 billion despite reporting revenue of slightly more than just $1 million in the third quarter of this year.
The company, whose share price has dramatically fluctuated since the stock became publicly traded in late March, reported losses of $19.2 million for the quarter.
Truth Social’s daily active user rate is minuscule compared to other social media apps.
Similarweb, a digital intelligence platform, reported that Truth Social had about 200,000 daily active users on Nov. 6, the day after Election Day. By contrast, the social media site X had 36.7 million users that day, Threads had 4.7 million users and Bluesky had about 1 million users.
Juhan, who is also Trump Media’s treasurer, sold 320,000 shares on Friday at a price of $30.65 per share, or a total of $9.8 million worth of stock according to a Form 4 filing with the Securities and Exchange Commission.
On Monday, Juhan sold another 64,000 shares at $32.97 per share, another $2.11 million worth, the same filing said.
After the second sale, Juhan still had 265,798 shares of DJT, according to the filing. All but about 20,000 of those shares are restricted stock units, which were awarded him on Nov. 5, Election Day, and which cannot be immediately sold.
One-quarter of that awarded stock will vest, and become eligible for sale, on Dec. 25, a filing showed. The remaining shares will vest in quarterly installments through March 2027.
Swider sold 136,183 shares of DJT on Friday at $28.23 per share, for a total of $3.84 million worth, according to his new Form 4 filing.
The sale disposed of all of Swider’s Trump Media shares, the filing indicated. Swider controls a company, Renatus Advisors, that still owns 18,043 shares of Trump Media.
Scott, the general counsel, on Friday sold 15,917 shares for $32.19 per share, or a total of $512,368, a filing shows.
Scott, who is also the company’s secretary, still owns 336,576 restricted stock units in Trump Media after that sale. That stock was awarded to him on Nov. 5, and will vest according to the same schedule as Juhan’s RSUs.
On the same day that Juhan and Scott received the RSUs, Trump Media CEO Devin Nunes received 1.3 million RSUs, which as of Wednesday were worth nearly $38 million on paper.
Nunes’ RSUs are subject to the same vesting schedules as those owned by Juhan and Scott.
A Trump Media spokeswoman did not immediately respond to a request for comment on the stock sales.
