Trump Media and Technology Group (DJT) stock jumped as much as 15% on Friday and was briefly halted by volatility after Donald Trump said he would not sell his shares in the company, home to Trump’s social media platform, Truth Social. Shares pared gains to about 9% shortly after his statement.
Trump, who made the announcement on his Truth Social account, insists on approximation 60% interest In DJT. At current levels of about $30 a share, Trump Media has a market cap of about $6.5 billion, giving the president-elect a stake worth about $3.9 billion.
“There are false, untrue and possibly illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling Truth shares. These rumors or statements are false. I have no intention of selling!” he wrote in this postRepeating previous comments about his intention not to sell.
“I hereby request that the persons who spread these false rumors or statements, and who may have done so in the past, be immediately investigated by the relevant authorities,” he added. “The truth is an important part of our historic victory, and I firmly believe in it.”
The company’s shares have been on a wild ride over the past week. On Thursday, the stock fell nearly 23%, reversing the gains it made the day before with Trump’s victory over Kamala Harris in the presidential election.
With Friday’s moves to the upside, the stock is down just 2% over the past five days, even though shares are up more than 60% in the past month.
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.
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, DJT fell Third quarter results After the market closed, it 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.
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