Former U.S. President Donald Trump announced plans on Oct. 20 to launch his own social networking platform called Truth Social.
- President-elect Donald Trump reaffirmed that he has no plans to offload his majority stake in his social media company Trump Media.
- Trump also called on authorities to investigate whoever suggested otherwise.
- DJT shares shot up more than 10% immediately following Trump's post, triggering a temporary trading halt due to volatility.
Trump Media shares soared Friday after President-elect Donald Trump reaffirmed he has no plans to sell off his stake in the Truth Social operator, and called on authorities to investigate whoever suggested otherwise.
Trump's announcement, posted on Truth Social, was his first personally written statement since his stunning victory against Democratic Vice President Kamala Harris in Tuesday's presidential election.
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DJT shares shot up more than 10% immediately following Trump's post, triggering a temporary trading halt due to volatility.
"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," the Republican said in the post Friday morning.
"THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!" Trump said. "I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities."
Money Report
Trump is the majority owner of Trump Media. His stake as of Friday was worth more than $3 billion.
The company on Election Day posted a net loss of $19 million in the last quarter on revenue of just more than $1 million. But its stock nevertheless closed higher Wednesday, as Trump's political triumph buoyed his fans who have bought into the company as a way to support him.
Shares plunged more than 22% on Thursday, undoing some of the company's gains from a surging rally in the lead-up to the election.
