DJT stock continues rally after Trump announces ‘no intention’ to sell shares

Shares of Trump Media and Technology Group (DJT) closed up more than 4% on Monday after shares rose 15% on Friday on news that Donald Trump would not sell his shares in the company.

Trump, who announced it At the expense of his social truth Friday afternoon, maintains approx 60% interest At DJT, the parent company of Truth Social.

At Monday’s closing level of about $33 a share, Trump Media has a market value of about $7.2 billion, giving the president-elect a stake worth more than $4.3 billion.

The company’s shares have been on a wild ride since Trump won over Kamala Harris in the presidential elections, and have oscillated between highs and lows.

In September, Trump Media shares traded at their lowest level since the company’s highly publicized post-lockdown debut. The stock eventually rebounded from its lows as domestic and offshore betting markets began to shift in favor of a Trump victory.

According to the analytics company S3 PartnersDJT short sellers, or traders who bet that the stock price will fall, have reduced $22.2 million in market losses since November 4.

“Although we saw an increase in short selling in DJT shares before the election, we have seen short covering since the election with 1.26 million shares, worth $392 million, purchased to cover since November 4,” S3 Partners Head of Predictive Analytics Ihor Dusaniwski . He told Yahoo Finance.

“We expect continued short covering in DJT shares if the rally continues and returns toward the recent high of $51.51, the ensuing short squeeze that will force many of the 1.7 million shares we saw shorted over the last month before the election,” Dusaniwsky added. .

Then-Republican presidential candidate former President Donald Trump speaks during a campaign event, Wednesday, Sept. 25, 2024, in Mint Hill, North Carolina. (AP Photo/Evan Vucci, File) · Associated Press

Trump founded Truth Social after he was kicked off major social media apps like Facebook (META) and Twitter, now He officially returned to publishing on X in mid-August after a hiatus of about a year.

As Truth Social tries to take on social media companies, the company’s fundamentals have long been in question.

On Tuesday, a few hours before the polls closed, the DJT fell Third quarter results Which revealed a net loss of $19.25 million for the quarter ending September 30. This was less than the $26.03 million the company reported in the same period last year.

DJT also reported revenue of $1.01 million, a slight decline year-over-year compared to the $1.07 million it reported in the third quarter of 2023. Over the past nine months ending September 30, revenue was down 23% from the previous year period.

announcescontinuesDJTIntentionRallySellSharesstockTrump