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Shares in Trump Media & Technology are surging after the election.
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Donald Trump repeated on Friday that he’s not selling — and admonished people to stop saying he was.
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“Truth is an important part of our historic win,” he wrote, “and I deeply believe in it.”
Shares in Truth Social’s parent company are surging in the wake of the election.
And amid the runup in the stock, President-elect Donald Trump is making it clear: He says he’s not selling.
Furthermore, Trump threatened the “market manipulators or short sellers” who he said were spreading the “fake, untrue, and probably illegal rumors and/or statements” that he did intend to sell Trump Media shares.
“I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities,” he wrote in a Truth Social post on Friday. “Truth is an important part of our historic win, and I deeply believe in it.”
Shares in Trump Media were up around 15% by late afternoon Friday trade. Neither the Trump campaign nor Trump Media immediately responded to requests for comment from Business Insider.
Trump Media’s top investors, including Trump, could’ve feasibly started unloading their shares in September.
Despite a bumpy past, Truth Social has flourished in the lead-up to the election, even appearing to eclipse the valuation of Elon Musk’s X. The stock is thriving despite meager financials.
On Friday, Trump Media’s market capitalization was around $6.5 billion. Trump’s majority stake comprises 115 million shares worth around $3.7 billion as of Friday.
On Election Day, the company reported third-quarter earnings, including revenues of $1 million and a net loss of $19.2 million. It said it had $672.9 million on its balance sheet to help further expand the just-released TV-streaming platform Truth+.
Read the original article on Business Insider
