Topline
Trump Media & Technology Group’s general counsel sold the last of his available shares Wednesday for $500,000—becoming the second top insider to significantly cut his holdings in recent months—and leaving him with no vested stake, according to an SEC filing.
Scott Glabe, a member of President Donald Trump’s first administration and now one of four executive officers of Trump Media, sold 30,000 shares of Trump Media (Nasdaq: DJT) at an average price of $16.9791 on Wednesday, bringing in $500,000.
Glabe now only owns restricted stock units (RSUs) in the company—unvested rights to as many as 339,000 shares at some point in the future, contingent on his remaining with the company.
Since acquiring his first shares in March 2024 after Trump Media went public via a merger, Glabe has disposed of 160,000 shares and RSUs in the company, bringing in $2.8 million—about 40% of those shares, though, were sold to cover tax withholdings, SEC filings show.
Glabe’s sales follow those of board member Eric Swider, who has also sharply reduced his holdings, unloading around 165,000 shares since November.
Neither Glabe nor Trump Media spokespeople responded to requests for comment.
It’s not clear. Some of Glabe’s earlier sales covered tax withholding, leaving him with no cash proceeds, but Wednesday’s sale was one of four—totaling $2.2 million—for which no reason was listed in filings. Neither he nor Trump Media has commented on the transactions.
Other Trump Media insiders have largely held on to their stock. Donald Trump has not reported any sales of his 114.8 million shares, held in a revocable trust. CEO Devin Nunes has only sold shares to cover taxes, not for personal proceeds. It does not appear, however, that any insiders have purchased Trump Media stock on the open market.
Glabe has been Trump Media’s top lawyer since April 2022, according to his biography in a Trump Media proxy statement. He also served in Trump’s first administration, originally in the White House as an associate counsel and later at the Department of Homeland Security as an acting under secretary. In February, Trump appointed him to the President’s Intelligence Advisory Board. Under Trump Media’s equity incentive plan, a board committee has broad discretion to grant performance compensation awards, including RSUs, based on 33 possible criteria, including financial performance, stock price targets and corporate transactions.
Glabe previously worked for Nunes as the deputy staff director of the House Intelligence Committee, which Nunes chaired.
The sale came the same day Trump Media introduced politically themed exchange-traded funds tied to its Truth Social brand, giving investors a way to back “America First” values—while the president, a major shareholder, has immense sway over many of the sectors they target.
Trump Media lost $20 million last quarter amid investment in new ventures—including crypto and streaming—yet it also awarded CEO Nunes $5.9 million in stock in August, set to vest over three years, according to SEC filings.
$1.9 billion: The value of Trump’s 114,750,000 Trump Media shares, as of Friday’s close.
Forbes estimates Donald Trump is worth about $7.3 billion. Powered largely by his crypto ventures, he is up $3 billion from 2024. That gain propelled him up 118 spots on The Forbes 400, to No. 201.
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 ongoing.
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