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President Trump’s social media company, Trump Media & Technology Group, submitted Wednesday documents to the Securities and Exchange Commissionseeking approval for Trump’s trust to sell nearly 115 million shares of the company’s stock.

The filing follows a surge in Newsmax’s stock price after the conservative media company went public, skyrocketing from $10 to $233 within two days. Truth Social, operated by TMTG, may be looking to benefit from a similar trend.

The SEC filing grants various shareholders the ability to sell stock at different times. Among them, the Donald J. Trump Revocable Trust holds 114,750,000 shares, representing its full stake in the company. However, the filing does not indicate when or if these shares will be sold. According to the filing, Donald Trump Jr. manages the trust. TMTG clarified that the filing is a standard regulatory procedure and does not signal an immediate stock sale. The company reiterated that the submission was routine and not an indication of an upcoming transaction.

“To be clear, these shares were already registered last June on an S-1 form, and today TMTG submitted a routine filing that re-registers them on an S-3 form in order to keep the Company’s filings effective. In fact, there currently is no open window for any affiliate to sell shares.”

Following the announcement, Truth Social’s stock dropped 6.5%, reaching $18.93 in early trading. Since Trump assumed office in January, the stock has declined by more than half its value.

In September, Trump stated that he had no plans to sell his shares in the company, emphasizing that he did not need the money.