The Los Angeles Post
U.S. World Business Lifestyle
Today: March 16, 2025
Today: March 16, 2025

Trump Media shares jump after Trump says he won't sell

Illustration shows Truth social network logo and display of former U.S. President Donald Trump
November 08, 2024
Reuters - Reuters

By Caroline Valetkevitch and Susan Heavey

NEW YORK/WASHINGTON (Reuters) -Shares of Trump Media & Technology Group gained on Friday after U.S. President-elect Donald Trump said he had no intention of selling his shares in the company, which owns his Truth Social media platform.

In a post on Truth Social, Trump rejected what he described as rumors that he was planning to sell shares a day after the stock slumped.

"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 company closed 15.2% higher on Friday at $31.91 and hit a session high of $33.03.

The stock was briefly halted for volatility after Trump's comments.

On Thursday, shares of the company slumped as speculative bets on Trump winning a second four-year term lost steam a day after his victory over Democrat Kamala Harris. The stock rose 5.9% on Wednesday following Election Day on Tuesday.

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 more, prompting investors to pile into securities that they viewed as more likely to benefit or come under pressure under his leadership.

That resulted in a roughly a 200% surge in Trump Media stock in the six weeks before the election.

Trump had already said in September that he was not selling his shares in the company and would not leave the social medial platform he founded.

Trump owns nearly 115 million shares and has about a 53% stake in Trump Media. At the stock's price on Friday, his piece of the company was worth about $3.7 billion, while its total market capitalization was at around $7 billion.

The stock's 30-day implied volatility - an options-based measure of how much traders expect the stock to swing in the near term - has retreated from the record high 300% touched right before the election, but remains highly elevated at about 200%, per Trade Alert data.

Even though the presidential election is over, options traders see the stock swinging by as much as 25% over the next week, LSEG options data showed.

(Reporting by Susan Heavey in Washington and Caroline Valetkevitch in New York; additional reporting by Saqib Iqbal Ahmed and Lance Tupper in New York; editing by Rami Ayyub and Jonathan Oatis)

Related Articles

AirAsia owner Capital A says $226 million private placement is 'done' Microsoft to invest $300 million more in South Africa's AI infrastructure Blackstone's plans for northern England 'hyperscale' data centre get green light ADNOC and OMV to merge petrochemical firms to create $60 billion giant

Related

Americas|Business|Economy|Political

Mexican tycoon Slim eyes two of Pemex's key fields, gaining clout in energy sector

Business|Economy|Europe|Finance

UniCredit vs Commerzbank: Key metrics for the two banks

Business|Economy|Finance|Stock Markets|Technology

Wall Street powerhouse BNY takes minority stake in EquiLend

Asia|Business|Economy|Finance

Blackstone to buy 40% stake in India's Kolte-Patil Developers for $134 million

Australia|Business|Economy|Finance|Stock Markets

JPMorgan holds 5% stake in mining major Rio Tinto for clients

Americas|Business|Economy|Finance

Rio Tinto to raise $9 billion in debt for Arcadium Lithium buyout

Local

Lifestyle|Local

Holi celebrations in Los Angeles this weekend

Local|Lifestyle|News|WrittenByLAPost

Los Angeles Marathon to take place Sunday

Local|News

California allocates $300M for enhanced local road safety measures

Local|News

Rain expected to hit Southern California by Tuesday

Share This

Popular

Asia|Business|Science|Technology

China's Baidu launches two new AI models as industry competition heats up

China's Baidu launches two new AI models as industry competition heats up
Business|Crime|Technology|US

Cybersecurity officials warn against potentially costly Medusa ransomware attacks

Cybersecurity officials warn against potentially costly Medusa ransomware attacks
Business|Crime|Europe|Technology|World

Telegram's Durov allowed to leave France amid probe, AFP reports

Telegram's Durov allowed to leave France amid probe, AFP reports
Business|MidEast|Political|US

Trump's pick for hostage negotiations envoy withdraws nomination but will continue on hostage issues

Trump's pick for hostage negotiations envoy withdraws nomination but will continue on hostage issues

Technology

Political|Technology|US

They helped start Twitter. They didnโ€™t realize what it would become

They helped start Twitter. They didnโ€™t realize what it would become
Americas|Asia|Business|Europe|Technology

China's Ecarx in talks with VW to develop smart cars for Europe, US, CEO says

China's Ecarx in talks with VW to develop smart cars for Europe, US, CEO says
Business|Technology|US

OpenAI and Musk agree to fast tracked trial over for-profit shift

OpenAI and Musk agree to fast tracked trial over for-profit shift
Europe|Technology

Driverless 'bus of the future' is tested in Barcelona

Driverless 'bus of the future' is tested in Barcelona

Access this article for free.

Already have an account? Sign In