President-elect Donald Trump’s social media stock rebounded dramatically after a post on Truth Social, reportedly adding a half billion dollars to his net worth.
Following a 42% drop since Wednesday’s peak, Trump Media and Technology Group’s shares surged nearly 15% after his declaration that he had no plans to sell his stake in the company, countering rumors of his potential exit, according to CNN. Trump’s post stabilized the stock‘s volatile performance.
“There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth. THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!” Trump wrote.
As the largest shareholder, Trump’s stake, consisting of 114.75 million shares, soared in value to approximately $3.7 billion from $3.2 billion at the start of trading on Friday, CNN reported. Despite the company’s tumultuous week, this spike ensured a modest weekly gain of 4.4%.
Trump Media has exhibited extreme fluctuations since its public debut in March, often reflecting the ebb and flow of Trump’s political fortunes rather than its business fundamentals, the outlet reported. Indeed, the stock had quadrupled in the weeks leading up to the election, only to plummet by 41% in the following days.
In contrast to major players like X, TikTok, and Instagram, Truth Social remains a minor entity, reporting less than $1 million in revenue last quarter and grappling with financial challenges, CNN stated. Yet, Trump’s recent communication reassured investors of his continued involvement with the company, which is crucial given that its valuation hinges largely on his active participation.
(Featured Image Media Credit: Screen Capture/CSPAN)
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