**Trump Media Shares Surge Amid Speculation on Trump's Stock Retention**

Donald Trump’s social media company saw a significant increase in its stock price on Wednesday, amid speculation that the former president has not offloaded any of his nearly 115 million shares in the company. As no Form 4 disclosures have been filed by Trump Media and Technology Group (TMTG) on the SEC’s investor relations site, this suggests that Trump has retained his shares.

Regulations require TMTG to file a Form 4 if Trump, who holds over 59% of the company's shares, decides to sell any portion of his 114.75 million shares. The stock of TMTG was trading at $13.72, reflecting a rise of more than 7% during the session. At its peak, the stock reached an intraday high of $14.48 per share, marking a 13% increase. This positive movement is a small comfort to investors who have watched the value of their holdings decline previously due to fears of a potential stock sale by Trump.

Despite queries from the media, including Fortune's request for a written statement, the company has remained silent, and Trump himself has not responded to requests for comment. Trump has significant legal expenses to cover, estimated to be in the hundreds of millions of dollars. One court ruling alone demands that Trump pay around $450 million for a civil fraud case, although this fine is still under appeal.

There was a possibility for Trump to start selling his shares sooner than anticipated due to specific terms in the merger deal which closed on March 25. If the stock price stayed above $12 for 20 out of 30 trading days within a 150-day period post-merger, Trump could sell his shares. That condition was met last week, making Trump eligible to sell by Friday, with an obligation to report any such transaction within two business days. However, as of Wednesday, no such report has been filed, indicating that Trump has, for now, honored his earlier promise not to liquidate his stock despite his financial challenges.

Trump’s need for liquid assets has led him to explore various revenue streams, such as selling digital trading cards, bibles, sneakers, and silver coins, as the valuation of his TMTG holdings, which once stood at around $9 billion in March, has declined.