Trump Media Sees Massive Surge After President-Elect Denies Sell-Off Rumors
A Vote of Confidence
In a surprise move, President-Elect Donald Trump took to social media platform Truth Social to quash rumors that he was planning to sell his stake in Trump Media, the company behind the platform. This bold statement sent shockwaves through the financial world, causing Trump Media shares to skyrocket over 10% and triggering a temporary trading halt due to extreme volatility.
Setting the Record Straight
In his first personally written statement since his historic presidential election victory, Trump vehemently denied any plans to sell off his stake in Trump Media, valued at over $3 billion. “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,” Trump wrote. “THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”
A Call to Action
Trump went a step further, requesting that authorities investigate those responsible for spreading the false rumors. “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.”
Market Reaction
Trump Media’s stock had seen a significant surge in the lead-up to the election, with fans buying into the company as a way to support the President-Elect. However, shares took a hit on Thursday, plummeting over 22% and undoing some of the company’s gains. But with Trump’s denial of the sell-off rumors, investor confidence was restored, and the stock soared once again.
Company Performance
Despite the recent volatility, Trump Media reported a net loss of $19 million in the last quarter, with revenue just over $1 million. However, with Trump at the helm, the company’s future prospects look bright, and investors are eager to see what’s next.
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