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DJT Stock Climbs After Trump Says He Won’t Sell Stock (Video)

Umito November 9, 2024

Shares of Trump Media & Technology Group (DJT) jumped 15% on Friday and was briefly halted due to volatility after Donald Trump said he would not sell his shares in the company, which hosts Trump’s social media platform, Truth Social.

Trump, who made the announcement on his Truth Social account, maintains 60% interest in DJT. At current levels of around $32 per share, Trump Media has a market capitalization of around $7 billion, giving the president-elect a stake worth around $4.2 billion.

“There are false, untrue and possibly illegal rumors and/or statements, perhaps made by market manipulators or short sellers, that I wish to sell shares of Truth. THESE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION TO SELL! he wrote in the postreiterating previous comments of his intention not to sell.

“I hereby request that those who started these false rumors or statements, and who may have done so in the past, be immediately investigated by the relevant authorities,” he said. -he added. “The truth is an important part of our historic victory, and I believe in it deeply.”

The company’s shares were in a crazy race over the past week. On Thursday, the stock fell nearly 23% to reverse gains he tasted the day before like Trump won against Kamala Harris in the presidential election.

With Friday’s upward moves, the stock is up 5% over the past five days, although shares are up more than 70% over the past month.

In September, Trump Media’s actions traded at its lowest level since the company’s debut after its much-publicized blocking period expired. The stock finally rebounded from its lows as domestic and foreign betting markets began to move in favor of a Trump victory.

Former Republican President Donald Trump dances after speaking at an election night event, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon) (ASSOCIATED PRESS)

Trump founded Truth Social after being kicked off major social media apps like Facebook (META) and Twitter, now X, following the January 6, 2021 riots at the Capitol. Trump has since been reinstated on these platforms. He officially return to publication on X in mid-August after about a year of hiatus.

While Truth Social attempts to take on social media incumbents, the fundamentals of the business have long been called into question.

On Tuesday, DJT dropped out third quarter results after the market close showed a net loss of $19.25 million for the quarter ending September 30. This figure was lower than 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 decline from the $1.07 million reported in the third quarter of 2023. Over the past nine months ending September 30, revenue fell 23% from the previous year. period.

Last month, the company revealed that its COO had resigned in September.