By admin 
Trump Media & Technology Group shares (DJT) jumped as much as 15% on Friday and was briefly halted due to volatility after Donald Trump said he would not sell his shares in the company, home to Trump’s social media platform Truth Social. Shares pared gains to around 9% shortly after his statement.
Trump, who made the announcement on his Truth Social account, is roughly sticking to his guns 60% interest in DJT. At current levels of about $30 per share, Trump Media has a market cap of about $6.5 billion, giving the newly elected president a share of about $3.9 billion.
“There have been false, 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 TO SELL!” he wrote in the postrepetitive previous comments of his intention not to sell.
“I hereby request that the people who have spread these false rumors or statements, and who may have done so in the past, be immediately investigated by the relevant authorities,” he added. “The truth is an important part of our historic victory, and I believe in it deeply.”
Shares in the company have been on a wild ride the past week. On Thursday the stock fell almost 23% to roll back profits I enjoyed it so much the day before Trump won about Kamala Harris in the presidential elections.
With Friday’s upward move, the stock is down just 2% over the past five days, although shares are up more than 60% over the past month.
Shares in Trump Media in September traded at the lowest level since the company’s debut after the much-discussed lock-up period has expired. The stock eventually came back from his low point as both the domestic and foreign betting markets began to shift in favor of a Trump victory.
Republican presidential candidate, former President Donald Trump, dances after speaking at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Florida. (AP Photo/Alex Brandon) (ASSOCIATED PRESS)
Trump founded Truth Social after being kicked off major social media apps like Facebook (META) and Twitter, now X, after the Capitol riots of January 6, 2021. Trump has since been reinstated on those platforms. He officially returned to posting on X in mid-August after about a year’s break.
While Truth Social looks to take on social media incumbents, the company’s fundamentals have long been in question.
DJT fell on Tuesday third quarter results after the market close, showing a net loss of $19.25 million for the quarter ended September 30. This was smaller than the $26.03 million the company reported in the same period last year.
DJT also reported revenue of $1.01 million, a slight year-over-year decline compared to the $1.07 million it reported in the third quarter of 2023. Over the past nine months ended September 30, revenue is down 23% compared to compared to the previous year. period.
Last month, the company announced that the COO had resigned in September.
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Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at [email protected].
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