Shares of former President Donald Trump’s social media company have soared over the past two sessions after weeks of stagnation.
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Joe Radle/Getty Images
Shares of former President Donald Trump’s social media company have soared over the past two sessions after weeks of stagnation.
Joe Radle/Getty Images
Trump Media & Technology Group stock rose 26% on Thursday, marking its second consecutive day of significant gains.
The stock price rally over the past two days has been a rare reprieve for the company behind the Truth Social app, which trades under the stock symbol DJT. Shares rose more than 15% on Wednesday.
Trump Media stock remains down significantly since its spectacular stock market debut in late March. The decline wiped out billions of dollars in value, including that of former President Trump.
Nevertheless, the recovery in the share price over the past two days was welcomed by Truth Social members who identify themselves as small shareholders.
“In a few years, I’m going to be a millionaire, a millionaire, a millionaire, a millionaire, and I’ve decided to believe that in the end, free speech and truth will win.” @snowblazer said Wednesday afternoon. “I have no plans to sell anytime soon. It’s been a roller coaster ride, but my faith is still strong!!”
Experts are cautious about stock prices
The company is open on Wednesday too. Instructions provided He told small shareholders on Wednesday about how to make it harder to short sell Trump Media stock.
Short selling is when investors bet that a stock’s price will fall, and many small shareholders have blamed short selling for the company’s poor performance since it began trading.
Despite recent stock gains, professional investors warned that the outlook is not good for Trump Media, putting some small investors holding the stock at risk.
“It’s just a matter of time before they become disillusioned,” said Julian Klimochko, CEO of Accelerate Financial Technologies.
Trump Media recently announced it would issue additional stock. The company also announced it would start live video streaming, but investors considered this a risky and expensive bet.
