US Markets
Friday, November 8th, 2024 4:03 pm EDT
Key Points
- Trump Media shares jumped over 10% on Friday after President-elect Donald Trump confirmed he has no plans to sell his stake in the company and called for an investigation into those spreading rumors of a potential sale.
- Trump’s statement, posted on Truth Social, was his first written message following his presidential victory over Vice President Kamala Harris, and the post led to a temporary trading halt due to market volatility.
- Despite reporting a $19 million quarterly net loss, Trump Media’s stock has shown volatility, with significant gains around the election but a 22% drop on Thursday, reflecting fluctuating investor confidence tied to Trump’s political success.
Shares of Trump Media surged on Friday after Donald Trump confirmed he had no plans to sell his stake in Truth Social, the media platform he owns. This reassurance followed a period of market speculation suggesting he might divest his shares, which Trump publicly denounced as false and possibly illegal rumors spread by potential market manipulators or short sellers. In his post on Truth Social, Trump emphasized his commitment to retaining his holdings and called for an investigation into those responsible for the rumors. This announcement marked his first written statement since his surprising election victory against Democratic Vice President Kamala Harris earlier in the week.
The market responded strongly to Trump’s post, with shares of Trump Media jumping over 10%, leading to a brief trading halt due to volatility. Trump, who is the majority owner of Trump Media, holds a stake worth over $3 billion as of Friday. Despite reporting a net loss of $19 million and modest revenue of just over $1 million in the last quarter, Trump Media’s stock has remained popular with Trump supporters. The company’s stock had closed higher on Wednesday, buoyed by Trump’s election win, though shares dropped over 22% on Thursday, giving back some of the gains made in the pre-election rally. This mix of financial performance and political influence has contributed to the stock’s volatility, reflecting both Trump’s political success and the speculative interest surrounding his media platform.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/11/08/trump-reiterates-no-plans-to-sell-djt-after-election-win-stock-soars.html
