Trump Media & Technology Group DJT stock soared Friday after President-elect Donald Trump said he has no plans to sell his stake in the Truth Social parent.
Trump denied rumors of a potential share sale in a post on Truth Social, calling them "fake, untrue, and probably illegal," likely spread by market manipulators or short sellers. He emphasized, "I have no intention of selling."
Shares of the company were trading 16.23% higher to $32.19 midday Friday.
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Trump Media stock plunged 23% Thursday. The sharp decline followed a 6% surge the previous day, driven by Trump's political return, according to Reuters.
On Tuesday, Trump Media reported a third-quarter net sales decline of 6% to $1.01 million. The company said advertising on the Truth Social platform drove the topline.
The company reported a loss of 10 cents per share compared to a loss of 30 cents per share in last year’s third quarter.
Despite recent losses and low revenue, Trump Media's market cap now exceeds $5.5 billion.
Trump Media stock has gained 75% year-to-date, gaining traction from Trump’s decision to hold onto his majority stake in the company despite the expiry of the lockup period and his improving position as a presidential candidate running against Vice President Kamala Harris.
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