Trump Media closes nearly 8% higher, continuing post-selloff rally | Wilnesh News

shares Trump Media & Technology Group The stock closed up nearly 8% on Wednesday, further fueling the stock’s rebound from the sell-off.

The stock initially fell more than 6% in mid-morning, but ended Wednesday’s session up 7.92% at $39.25 per share.

Within three weeks after Trump Media’s major shareholder and former President Trump was convicted, the stock price of Trump Media, trading under the trading code “DJT”, plummeted by nearly 50%.

The sell-off continued after the Securities and Exchange Commission announced last week that the company’s additional stock registration was effective, causing the stock to plummet in after-hours trading on June 18.

Shares of Trump Media Company closed at $26.75 on Thursday, their lowest level since April, but began to rebound on Friday. As of Tuesday, the stock had soared more than 36% from Thursday’s closing price, and Wednesday’s move brought its recent gain to more than 45%.

The stock is still down 23% from May 30, when Trump was convicted.

Trump Media, the parent company of social media platform Truth Social, began trading publicly on March 26 after merging with a special purpose acquisition company. Since then, its wild swings – like Wednesday’s – often have no clear cause.

In its most recent earnings report, filed in May, the company revealed a first-quarter net loss of $327.6 million on total revenue of $770,500. Truth Social has struggled to maintain its user base, and the company recently warned investors that changes in the usage of its most high-profile user, Trump, could have a “material adverse effect” on the platform.

The former president owns nearly 65% ​​of Trump Media but is unable to sell his 114,750,000 shares until the post-merger lockup period ends in late September.

As of Wednesday’s close, Trump Media’s market value was nearly $7 billion.