Shares of Trump Media soared on Friday after President-elect Donald Trump reiterated that he has no intention of selling his stake in the company behind Truth Social.
He also called for an investigation into those spreading contrary rumors.
Trump’s statement, shared on Truth Social, marked his first personal message since his surprising win against Democratic Vice President Kamala Harris in Tuesday’s election.
DJT stock spiked by more than 10% immediately following Trump’s post, prompting a brief halt in trading due to heightened volatility.
“These are false, misleading, and possibly illegal rumors—likely spread by market manipulators or short sellers—that I am looking to offload my shares in Truth,” the Republican leader declared in his Friday morning post.
“THESE CLAIMS ARE FALSE. I HAVE NO PLANS TO SELL!” Trump added.
“I call for an immediate investigation into those behind these baseless rumors and any past attempts to manipulate the market.”
Trump holds the majority ownership of Trump Media, with his stake valued at over $3 billion as of Friday.
The company reported a net loss of $19 million for the previous quarter, with revenues just exceeding $1 million.
Despite this, the stock saw gains on Wednesday, fueled by Trump’s political victory and the support of his followers who view investments in the company as a show of solidarity.
However, shares dropped more than 22% on Thursday, erasing some of the gains seen in the lead-up to the election.
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