DJT stock climbs after Trump says he will not sell shares

Trump Media & Technology Group stock (DJT) leaped as much as 15% Friday and was briefly halted for volatility after Donald Trump said he would not sell his shares in the company, the home of 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, maintains a roughly 60% interest in DJT. At current levels of around $30 a share, Trump Media boasts a market cap of about $6.5 billion, giving the President-elect a stake worth around $3.9 billion.

“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!” he wrote in the post, reiterating previous comments of his intention not to sell.

“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,” he added. “Truth is an important part of our historic win, and I deeply believe in it.”

Shares in the company have been on a wild ride over the past week. On Thursday, the stock fell nearly 23% to reverse the gains it enjoyed the day before as Trump clinched victory over Kamala Harris in the presidential election.

With Friday’s moves to the upside, the stock is down just 2% over the past five days, although shares have rallied by more than 60% in the past month.

In September, shares in Trump Media traded at their lowest level since the company’s debut following the expiration of its highly publicized lockup period. The stock eventually bounced back from its lows as both domestic and overseas betting markets began to shift in favor of a Trump victory.

Republican presidential nominee former President Donald Trump dances after speaking at an election night watch party, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Alex Brandon) · ASSOCIATED PRESS

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