Trump Media & Technology Group stock (DJT) closed up more than 15% on Friday after President Donald Trump sold his shares in the company, home to Trump’s social media platform Truth Social. After the company announced that it would not do so, trading was temporarily halted due to the volatile fluctuations.
Trump, who made the announcement on his Truth Social account, maintains about 60% interest in DJT. At its current price of about $32 per share, Trump Media has a market capitalization of about $7 billion, and the president-elect’s stake is worth about $4.2 billion.
“There are false, untrue, and possibly illegal rumors and statements, possibly by market manipulators and short sellers, that I am interested in selling true stocks. Those rumors and statements are false. I In the post, he reiterated his previous comments indicating his intention not to sell.
“I hereby request that those who spread these false rumors and statements, and those who may have done so in the past, be immediately investigated by the appropriate authorities,” he added. “The truth is an important part of our historic victory, and I believe deeply in it.”
The company’s stock price has soared over the past week. On Thursday, Trump’s victory over Kamala Harris in the presidential election sent stocks down nearly 23%, reversing the previous day’s gains.
The stock has risen 5% in the past five days following Friday’s rally, but the stock has risen more than 70% in the past month.
In September, Trump Media stock traded at its lowest level since the company’s debut following the end of a highly publicized lock-up period. Stocks eventually recovered from their lows as domestic and international betting markets began to move in favor of Trump’s victory.
Trump founded Truth Social after being banned from major social media apps such as Facebook (META) and Twitter (now X) following the January 6, 2021, Capitol riot. Trump has since returned to those platforms. After a hiatus of about a year, he officially returned to posting on X in mid-August.
As Truth Social seeks to compete with social media incumbents, its fundamentals have long been questioned.
On Tuesday, DJT released its third-quarter results after the market closed, revealing a net loss of $19.25 million for the quarter that ended Sept. 30. This amount was down from the $26.03 million the company reported in the year-ago period.
DJT also reported revenue of $1.01 million, a slight year-over-year decrease compared to the $1.07 million it reported in Q3 2023. In the past nine months ending September 30, revenue was down 23% year over year. period.
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