Trump Reaffirms No Intention to Sell DJT Stock Amid Market Volatility
President-elect Donald Trump has reiterated his commitment to retaining his shares in Trump Media & Technology Group, dismissing rumors of a sale and calling for an investigation into market manipulators.
In a series of statements on Truth Social, President-elect Donald Trump has firmly denied any intentions to sell his shares in Trump Media & Technology Group, the parent company of the Truth Social platform. This announcement comes amid swirling rumors and significant market volatility surrounding the company's stock, which trades under the ticker symbol DJT.
Trump, who holds a majority stake in the company, took to his social media platform to denounce what he described as "fake, untrue, and probably illegal rumors" propagated by market manipulators or short sellers. He called for an investigation into these activities, emphasizing his commitment to the company and its mission to challenge Big Tech's control over free speech.
Following Trump's statements, DJT shares experienced a notable surge, climbing over 15% on Friday. This rise partially offset a sharp decline the previous day, which saw the stock plummet by 23% amid election-related speculation. The stock's volatility has been a point of concern, with trading temporarily halted due to rapid price movements.
Trump's reaffirmation of his stake in the company comes after a period of intense speculation fueled by his recent electoral victory over Democratic Vice President Kamala Harris. The stock had seen a dramatic increase in the weeks leading up to the election, driven by investor optimism about Trump's political prospects.
Despite the company's financial challenges, including a reported net loss of $19 million in the last quarter, Trump's public commitment to retaining his shares has been a stabilizing factor for the stock. The market capitalization of Trump Media & Technology Group now stands at approximately $7 billion, with Trump's personal stake valued at around $3.7 billion.
As Trump prepares to assume the presidency, questions about potential conflicts of interest have resurfaced, given his significant business holdings. However, Trump has made it clear that he has no plans to divest from the company, a stance that has drawn both support and criticism from various quarters.
The situation highlights the complex interplay between Trump's political career and his business interests, a dynamic that is likely to continue as he takes office. Meanwhile, the call for an investigation into market manipulation underscores the ongoing tensions between Trump Media and its critics, as well as the broader challenges facing the company in a highly competitive social media landscape.
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