Trump Media & Technology Group (TMTG) has recently made headlines due to the alleged defamation and market manipulation by Financial Times. The company has issued a formal response to the article published by Financial Times on April 2, 2025, accusing the publication of spreading false implications and assertions that led to a significant drop in TMTG's stock price.
The article in question, authored by George Steer, claimed that TMTG's shares fell after the president initiated the sale of a $2.3 billion stake. It further implied that Donald Trump's social media company, which operates Truth Social, experienced a slump following the indication of a plan to sell over 142 million shares, including Trump's 114 million shares. However, TMTG asserts that the article omitted critical information and misrepresented the situation, leading to market manipulation and a decline in the company's stock price.
TMTG highlighted that the S-3 filing with the U.S. Securities and Exchange Commission was a routine restatement of the previously reported and registered status quo with respect to the Trust shares. The company emphasized that the filing did not indicate any new intention to sell shares, and the shift from S-1 to S-3 was customary and beneficial to shareholders.
Furthermore, TMTG accused Financial Times of deliberate market manipulation designed to harm the company and depress its stock price, alleging political bias as a motive. As a result, TMTG demanded a full retraction of the article and its removal from the internet, along with a prominent announcement of the retraction in Financial Times' print edition and on its website. Failure to comply would result in litigation and complaints to relevant authorities concerning potential criminal acts related to the stock manipulation scheme.
TMTG also emphasized the obligation of Financial Times to preserve all documents and information related to the matter until its resolution, including research, due diligence, and communication records.
In light of these developments, TMTG's response sheds light on the potential impact of media narratives on stock prices and the company's determination to address what it perceives as market manipulation. As the situation unfolds, stakeholders will be closely monitoring any further developments and the potential implications for TMTG's financial standing. As a result of these announcements, the company's shares have moved 0.1% on the market, and are now trading at a price of $18.77. For more information, read the company's full 8-K submission here.
