Morgan McGarvey

A Democratic Congressman bought shares in President-elect Donald Trump's media company just hours after Trump emerged victorious in the 2024 presidential election.

Morgan McGarvey, who represents Kentucky's 3rd District, has disclosed that he bought between $1,000 and $15,000 worth of stock in Trump Media & Technology Group on November 6, before selling it two days later on November 8.

The purchase was made the day after Trump was declared winner of the 2024 presidential election, prompting an extremely volatile shift in the stock, the fortune of which has long been tied to Trump's own position in the news cycle.

Newsweek contacted the office of Congressman McGarvey for comment on the findings via email outside of normal work hours, along with a spokesperson for Trump Media & Technology Group.

McGarvey sold the stock at a loss, according to the Quiver Quantitative Congress trading tracker. However, McGarvey has said the shares were "purchased without knowledge of filer or spouse", suggesting he did not know the trade had been made.

Despite his investment, McGarvey has been a vocal critic of Trump, describing him as "unfit for office".

Congressman Morgan McGarvey in April 2023 in Louisville, Kentucky. McGarvey bought Trump stock hours after the former president won the election. Congressman Morgan McGarvey in April 2023 in Louisville, Kentucky. McGarvey bought Trump stock hours after the former president won the election. Getty Images

In May, when Trump was facing charges of fraud, McGarvey said: "In America, no one is above the law. Donald Trump, the convicted felon, is the presumptive Republican nominee for president and he is unfit to serve in any public office, especially the president of the United States."

Trump Media & Technology Group surged in value on November 6 after Trump was projected as winning the election, with the stock, which trades as DJT, soaring by 44 percent during premarket trading. The value fell by nearly 23 percent the next day amid rumors that Trump was considering selling Truth Social, which Trump Media & Technology Group manages.

However, Trump put the rumors to bed, posting: "There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth.

"THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!"

The reassurance led to another boost to the stock's value, though it remains extremely changeable. Despite several surges in values over the last few months,Trump Media & Technology Group has still not reached its previous high of $79.38 a share, which it hit when the company first went public in March.

Trump himself owns 57.3 percent of its shares and, with the company valued at $6.9 billion, his stake is worth $3.9 billion.

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