Trump Media Shares Spike 15% After President-Elect Vows He Won’t Sell His Stake in the Company, Slams ‘Short Sellers’ and ‘Market Manipulators’
After Donald J. Trump’s legendary, sweeping victory in the Presidential elections, the stock market has reacted with euphoria, looking forward to his pro-business administration.
It stands to reason that Trump Media shares would also be on the rise, especially after Trump torched the people saying that he was about to offload his shares in the company.
New York Post reported:
“Shares of Trump Media & Technology Group jumped on Friday after President-elect Donald Trump said he had no intention of selling his shares in the company, which owns his Truth Social media platform.”
Trump took to Truth Social to counter what he described as ‘rumors’ that he had the intention of selling his shares.
“’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’, Trump wrote. ‘THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!’, Trump added.”
Shares of the social media company jumped 15% higher on Friday at $31.91, with a session high of $33.03.
The stock was even briefly halted ‘for volatility’ after Trump’s comments caused it to move.
Trump has called for an investigation into ‘market manipulators or short sellers’.
ABC News reported:
“In interviews with ABC News before the election, some shareholders expressed optimism about the company’s future if Trump won the election, in large part due to his potential ability to investigate and stop so-called ‘naked short sellers’, who they blamed for the company’s lackluster stock price.
Earlier this year, Trump Media’s CEO Devin Nunes called for Nasdaq to investigate whether the company’s stock price was manipulated by short sellers betting against the company without owning or borrowing shares.”
Trump Media shares surged since September when it traded as low as $12. As Trump’s victory seemed more and more obvious, its value tripled in October, trading at more than $50 per share.
Critics seem unconvinced of the company’s long-term success, as it lost more than $19 million during the last quarter, with only $1 million in revenue.
“According to Similarweb, a data tracking site, the site only attracts 3.7 million unique monthly visitors, compared to rival X’s 461.4M monthly visitors.
As Trump heads into office and the company’s share price continues to surge, his 57 percent stake in the company is worth nearly $4 billion.”
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