Ticker: Trump Media stock jumps; Boeing works to conserve cash as 33,000 factory workers go on strike
Shares of Trump Media & Technology Group Corp. jumped Friday after former President Donald Trump said he won’t sell shares of the social media company.
“I don’t wanna sell my shares. I don’t need money,” Trump said while speaking to reporters at his golf club in Los Angeles.
Trump owns nearly 115 million shares of the company, according to a recent filing with the Securities and Exchange Commission. Based on Thursday’s closing price of $16.08, Trump’s shares are worth approximately $1.85 billion.
The former president can start selling shares of Trump Media, the parent company of Truth Social, starting on Sept. 19 when a lockup provision ends, if he chooses to do so. The lockup provision prevented company insiders from selling newly issued shares for six months after the company began trading publicly in March.
Boeing works to conserve cash as 33,000 factory workers go on strike
Blue-collar workers from Boeing walked picket lines in the Pacific Northwest instead of building airplanes on Friday after they overwhelmingly rejected a proposed contract that would have raised their wages by 25% over four years.
The strike by 33,000 machinists will not disrupt airline flights anytime soon, but it is expected to shut down production of Boeing’s best-selling jetliners, marking yet another setback for a company already dealing with billions of dollars in financial losses and a damaged reputation.
The company said it was taking steps to conserve cash while its CEO looks for ways to come up with a contract that the unionized factory workers will accept.