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Trump Media Shares of the owner of Truth Social rose 7% on Tuesday, continuing a roughly 50% gain last week.
DJT is trading at about $50 per share, about 30% below its opening price of $70.90 in late March.
The stock has had a few volatile days over the past month, with highs around $60 a share and lows just over $20 a share.
Trump Media’s rise comes without significant news about its improving financial situation. The company’s social media business lost $58 million last year on revenue of just $4.1 million.
Jay Ritter, a business professor at the University of Florida and an expert on initial public offerings, said the stock’s recent gains could be the result of measures the company has taken to target short sellers.
“Over the past week or so, the company has told shareholders how it is making it difficult to lend its shares to short sellers and that the number of shares available for short selling may have been reduced, raising short sellers’ (costs) Lending rate.
The owner of Truth Social also urged Congress to investigate possible “illegal manipulation” of the stock.
—CNBC’s Dan Mangan contributed to this report.
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