Written by Saqib Iqbal Ahmed
NEW YORK (Reuters) – Possible confusion over former President Donald Trump’s Truth Social’s new stock symbol lowered the stock trading balances of some investors on Tuesday, the first day Trump’s “DJT” ticker traded. at one point soared by hundreds of thousands of dollars.
About briefly seeing the value of DJT stock held on Charles Schwab’s platform inflated to a number more in line with its value if the stock traded at the level of the Dow Jones Transportation Average. Several people complained on social media.
Some users said they faced similar issues on Morgan Stanley’s trading platform E*Trade during pre-market hours.
Trump Media & Technology Group stock opened at $70.90 on Tuesday, while the Dow Jones Transportation Average opened at 15,937.73 points.
One trader’s Schwab Securities balance jumped by more than $1 million due to the error, according to a screen capture shared on social media platform X. Reuters was unable to contact the trader or independently verify the security balance.
Another username @DanielBenjamin8 who faced this issue with his E*Trade account told Posted.
Two X users and one person on Reddit speculated that the inflated balance was due to the company’s ticker symbol being nearly identical to the index.
A Charles Schwab spokesperson said some users of some of Schwab’s trading platforms saw their securities balances temporarily inflated due to technical issues.
The issue has been resolved and investors can now trade stocks and options on Schwab’s platform, he said. Mr. Schwab declined to explain the exact cause of the problem.
E*TRADE did not immediately respond to a request for comment outside of normal business hours.
Trump Media & Technology Group and S&P Dow Jones Indices, which maintains the Dow Jones Transportation Average index, did not immediately comment on the matter.
Social media users said the issue appeared to have been resolved, but many were disappointed not to be able to cash out the profits they would have made from the error.
“I should tell my boss that I’m not actually resigning,” a trader wrote to X, whose account balance at one point jumped by more than $1 million.
(Reporting by Saqib Iqbal Ahmed; Editing by Megan Davis and Michael Perry)
