Trump Media & Technology Group Corp (NASDAQ:DJT) experienced a 9.37% increase in pre-market trading on Monday, according to Benzinga Pro. This follows president-elect Donald Trump's announcement on Friday that he has no plans to sell his stake in the company. The statement comes amidst renewed investor interest following the election.
What Happened: Trump has urged investigations into alleged "market manipulators or short sellers" disseminating false information about his intentions to sell shares. This declaration was made through a post on Truth Social.
The stock saw a 15% rise by late Friday afternoon. Neither the Trump campaign nor Trump Media responded to Business Insider's request for comments. Trump asserted, "THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!"
Despite facing previous challenges, Truth Social has seen substantial growth, even surpassing Elon Musk's X in valuation, with a market cap of around $6.5 billion as of last Friday. Trump, who owns 115 million shares, values his investment at approximately $3.7 billion.
The company reported its third quarter earnings with $1 million in revenue and a net loss of $19.2 million. It plans to utilize $672.9 million from its balance sheet to expand its TV-streaming platform, Truth+.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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