Trump Media shares rise after Trump says he won’t sell

NEW YORK/WASHINGTON – Shares of Trump Media & Technology Group jumped on November 8 after US President-elect Donald Trump said he would not sell his shares in the company that owns his Truth Social platform.

In a post on Truth Social, Trump rejected what he called rumors that he plans to sell shares the day after shares fell.

“There are false, untrue and possibly illegal rumors and/or statements made, possibly by market manipulators or short sellers, that I am interested in selling Truth stock,” Trump wrote.

“THESE RUMORS OR STATEMENTS ARE FALSE. I DO NOT INTEND TO SELL!” – Trump added.

By midday on November 8, the company’s shares were up about 12 percent to US$31.04 and hit a session high of US$32.

The stock was briefly halted due to volatility following Trump’s comments.

The company’s shares fell on Nov. 7 as speculative bets on Trump winning a second four-year term fell out of favor a day after his victory over Democrat Kamala Harris. The stock rose 5.9% on November 6, following Election Day on November 5.

While Trump and Vice President Harris were nearly tied in most opinion polls leading up to the election, online betting markets favored the former president, encouraging investors to invest in securities they believe are more likely to earn benefit or will be under pressure under his leadership. .

That sent Trump Media shares up about 200 percent in the six weeks before the election.

In September, Trump already announced that he was not selling his shares in the company and would not leave the social network he founded.

Trump owns nearly 115 million shares and about 53 percent of Trump Media. At the share price on November 8, his stake in the company was worth more than US$4 billion (S$5.3 billion) and its total market capitalization was about US$6.7 billion.

A Nov. 6 report from financial analytics firm S3 Partners found that investors betting against Trump Media have lost $420 million since the stock began tracking Trump’s chances of winning the election. REUTERS