Topline
Eric Swider, one of seven board members at Trump Media & Technology Group (NASDAQ: DJT) and a leader in the deal to take Truth Social public, has sold around 90% of his company stock—netting around $4.4 million before taxes—since November, according to filings with the Securities and Exchange Commission.
Truth Social is seen on a mobile device with an image of President Donald Trump in the background in ... More
Swider became CEO of the blank-check firm Digital World Acquisition Corp.—the SPAC that merged with Truth Social parent company Trump Media—in March 2023.
After the merger was finalized in March 2024, former Congressman Devin Nunes, R-Calif., became CEO and Swider remained on the board.
Swider received 153,000 shares when the merger closed, and another 26,000 in January 2025 through an incentive plan.
In November 2024, Swider sold about 136,000 shares at $28.23 apiece, netting roughly $3.8 million.
Since March 2025, Swider has made four additional sales—most recently 8,500 shares earlier in June—reducing his holdings to 17,500 shares.
Swider and Trump Media did not respond to requests for comment.
It’s unclear why Swider has sold about 90% of his holdings, and he does not appear to have commented on the transactions.
No other Trump Media insiders have sold comparable amounts, according to SEC filings. President Donald Trump, whose 114.8 million shares are held in a revocable trust where he is the sole beneficiary and donor, has not reported any sales. Others, including Nunes, have only sold shares to cover tax withholdings, not directly receiving any cash proceeds.
$4.8 million. That’s how much Swider has made so far from Trump Media—counting stock sale proceeds, the current value of his remaining shares and a $45,000 cash retainer.
Swider joined Digital World’s board in 2021 and became CEO in 2023, as the SPAC pursued a drawn-out merger with Trump Media that took 29 months to complete. During that time, a former Digital World board member was convicted of insider trading, the company admitted to two years of unreliable financials and it paid $18 million in penalties to the SEC for failing to disclose early Trump Media talks. After the merger finalized in March 2024, turmoil continued: Trump Media’s cofounders sued over allegedly diluted stakes, prompting a countersuit. The company also replaced its auditor after the SEC accused its accounting firm, BF Borgers, of “massive fraud” involving more than 250 clients (Borgers agreed to pay a $12 million fine and an industry ban). Swider’s term on Trump Media’s board is set to expire in 2027.
In a 2024 filing, Trump Media disclosed Swider failed to report a change in his stock holdings to the SEC within the required timeframe.
In March, Swider and Nunes launched a new blank-check firm, Renatus Tactical Acquisition Corp I, targeting acquisitions in cryptocurrency, cybersecurity and dual-use tech—sectors with significant regulatory and government involvement, in which the Trump administration has major influence. Swider holds 50,000 shares directly and controls another 5 million through an LLC.
Trump Media warned in May that “material misstatements” may have appeared in its financial filings, citing weak internal controls and a lack of SEC reporting expertise—though a company spokesperson told Forbes the filing was “a routine disclosure that TMTG has repeatedly made in the past, and is typical for former shell companies, that does not in any way indicate an intention to restate any of TMTG's financial reporting.”
Trump Media is in the midst of reshaping its finances, raising $2.3 billion from institutional investors in May to fund bitcoin purchases, registering a crypto ETF with the SEC and announcing plans Monday to buy back up to $400 million in shares.
Forbes estimates Donald Trump’s net worth at $5.2 billion, with $2.1 billion tied to his 114.8 million shares in Trump Media, as of the market close on Tuesday. Most of his fortune is now tied to crypto holdings.
In November 2023, Trump Media sued 20 media outlets, including Forbes, for reporting that included calculations of its financial results while still a private company. The defendants have moved to dismiss the claims but the case is currently ongoing.
Further Reading
The 3 Easy New Ways Anyone Can Funnel Money Directly To Donald Trump’s Businesses (Forbes)
Trump Media Shares Rise After Planning Fintech Brand—Trump’s Net Worth Spikes Over $200 Million (Forbes)
Truth Social Hosted Party At Trump’s Mar-A-Lago (Forbes)
Trump-Linked SPAC Spent $10.8 Million On Legal Fees Amid Regulatory Probes (Forbes)
When It Comes To Truth Social, Republicans In Congress Aren’t Buying What Trump’s Selling (Forbes)