Donald Trump’s firm stance on not selling his shares in Trump Media & Technology Group (DJT) sent the company’s stock on a rollercoaster ride, culminating in a significant 15% surge on Friday. The stock was momentarily halted for trading due to its volatility, following Trump’s announcement on Truth Social, his social media platform, where he holds a substantial 60% interest.
At $31.72 per share, Trump Media & Technology Group’s market capitalization has surpassed $6 billion, inflating the value of Trump’s stake to over $4 billion. Trump’s post was not just a reaffirmation of his commitment to the company but also a call to action against what he perceives as market manipulation.
“There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth. THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!” Trump declared, emphasizing his resolve.
He further demanded accountability, stating, “I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities.” His comments not only defended his position but also highlighted the integral role he believes Truth Social played in his recent political success, “Truth is an important part of our historic win, and I deeply believe in it.”
The stock’s performance has been markedly erratic over the last week. After a near 23% drop on Thursday, which reversed the previous day’s gains following Trump’s victory over Kamala Harris in the presidential election, the stock rebounded significantly. Over the past five days, DJT shares have climbed 4.50%, with a robust rally of over 56% in the last month, reflecting a volatile yet upward trend since the market’s anticipation of a Trump win began to solidify.
The journey of Trump Media & Technology Group stock has been fraught with dramatic swings. In September, post the expiration of a lockup period that had previously restricted insiders from selling their shares, the stock hit its lowest price since its public debut. However, it has since recovered, buoyed by the favorable shifts in betting markets regarding Trump’s electoral prospects.
Trump Media & Technology Group emerged as a venture by Trump after his exclusion from major social media platforms like Facebook (META) and Twitter, now known as X, in the aftermath of the January 6, 2021, Capitol riots.
Although Trump has been reinstated on these platforms, his return to posting on X only occurred in mid-August, after a significant hiatus. His creation of Truth Social was positioned as a bastion for free speech, especially for conservative voices, amidst what he and his supporters view as an era of censorship by big tech companies.
This latest surge in stock price underscores the unique blend of politics and business that characterizes Trump Media & Technology Group. With Trump’s presidential election win, the company finds itself at a critical juncture, where market sentiment, political outcomes, and the personal financial decisions of its largest shareholder intertwine, creating a narrative that continues to captivate both financial markets and political observers alike.
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