Trump Media (DJT) stock rose by 12 percent on Friday after former President Donald Trump said he has no intention of selling his stock in the company that merged with his platform Truth Social. The stock of Trump Media & Technology Group had plunged by a quarter of its value after his recent, widely viewed debate with Vice President Kamala Harris.
Donald Trump said, “I’m not selling.” He reiterated, “I have absolutely no intention of selling.”
These words were said when he spoke to the press at his golf club in California. They sent the stock soaring, which
rose by about 25 percent during intraday trading on Friday afternoon. Trading was halted briefly due to the volatility of the stock.
Republican Presidential nominee Donald Trump has stocks worth about $2 billion at this point in time. He owns a majority stake in Trump Media, which is about 57 percent of the entire company’s stock.
The lockdown agreement for Trump Media stock will come into effect in less than a week, and Trump’s intention of holding on to the stock made it volatile. He posted his dismay at the halt in trading on his platform, Truth Social, and also threatened to move the stock from the Nasdaq to the New York Stock Exchange and more.
Trump Media stock has been volatile as its main shareholders are mainly web fans who invest in Trump Media to support Donald Trump or those who are betting on his political rise.
Trump Media has also acknowledged that the stock rests on Donald Trump’s popularity, as it noted in an SEC filing. It also reported multimillion-dollar losses and low revenue in its recent quarter. CWEB analysts and other analysts think that DJT’s value remains dependent on the popularity of its major stakeholder, Donald Trump.
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