This photo illustration shows former President Donald Trump next to a mobile phone screen displaying the Truth Social app on February 21, 2022 in Washington, DC.
Stephanie Reynolds | AFP | Getty Images
Trump Media Shares surged on Friday after President-elect Donald Trump reiterated that he had no plans to sell his stake in the operator of Truth Social and called on authorities to investigate anyone who suggested otherwise.
Trump’s announcement, Posted on Truth SocialIt was his first personal written statement since defeating Democratic Vice President Kamala Harris in Tuesday’s presidential election.
After Trump’s announcement, DJT’s stock price immediately surged by more than 10%, triggering a temporary rebound. Trading suspended Due to volatility.
“Market manipulators or short sellers may have false, untrue, and possibly illegal rumors and/or statements about my interest in selling Truth stock,” the Republican said in the post Friday morning.
“Those rumors or statements are false. I have no intention of selling!” Trump said. “I hereby request that the relevant authorities immediately investigate those who are spreading these false rumors or statements and those who may have done so in the past.”
Trump is the majority shareholder of Trump Media. As of Friday, his stake was worth more than $3 billion.
The company reported on Election Day a net loss of $19 million in the previous quarter on revenue of just over $1 million. But the company’s shares closed higher on Wednesday as Trump’s political victory emboldened his fans, who bought shares to support him.
The company’s shares plunged more than 22% on Thursday, erasing some of the company’s gains from a steep run-up to the election.
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