Shares of Trump Media & Technology Group soared Friday after President-elect Donald Trump said he has no intention of selling his stake in the company that owns Trump's “Truth” social media platform.
In a post on Truth Social, Trump denied rumors that he planned to sell stocks the day after the stock market plunged.
“There are false, untrue and possibly illegal rumors and statements, possibly by market manipulators and short sellers, that I have an interest in selling my shares in Truth.” written by trump.
“Those rumors and statements are false. I have no intention of selling them!” Trump added.
The company's stock rose about 15% to $31.87 on Friday, hitting an all-time high of $33.03.
In response to Trump's comments, stock prices temporarily halted trading due to the wild swings.
The company's stock price fell on Thursday, a day after Trump defeated Democrat Kamala Harris, as speculative bets that Trump would win a second four-year term ran out of steam.
The stock rose 5.9% on Wednesday following Tuesday's voting day.
Most pre-election polls had Trump and Vice President Harris tied, but the former president has strong support in the online betting market, with investors likely to benefit from his leadership or see pressure. stocked up on securities that they considered likely to suffer.
As a result, Trump Media stock rose about 200% in the six weeks before the election.
Trump had already said in September that he would not sell his company's stock or leave the social media platform he founded.
Mr. Trump owns about 115 million shares, or about 53% of Trump Media stock. At Friday's stock price, his stake in the company was worth about $3.6 billion, giving it a market cap of about $6.7 billion.
Investors who bet on Trump Media have lost $420 million since Trump Media began looking at Trump's odds of winning, according to a report released Wednesday by financial analysis firm S3 Partners.
