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By Theo Burman
Live News Reporter
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Trump Media & Technology Group (TMTG) stock ended the week a little higher after President-elect Donald Trump rejected rumors that he would sell his shares in the parent company of his social media platform Truth Social.
TMGT stock began the week of the election at $30.33 per share and soared as much as 44 percent during premarket trading on November 6 as Trump was projected to win Pennsylvania. But gains made Monday through to early Wednesday were all but wiped out by Thursday in what was likely the result of traders buying in anticipation of a Trump victory, then selling after the fact to make a profit.
The stock opened slightly higher on Friday before the once and future president - who is the company's majority shareholder - announced on Truth Social, "I HAVE NO INTENTION OF SELLING!"
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Trump referred to "fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers."
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"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," he added.
Trump also said that his social media platform had been "an important part of our historic win"
The upshot of that statement, which remains "pinned" to the top of Trump's Truth Social profile as of Saturday morning, was TMTG surging 15 percent and closing at $31.91 per share on Friday.
Trump owns 57.3 percent of TMTG's shares, and with the company valued at $6.9 billion, his stake is worth $3.9 billion.
The company's share price has been volatile since it went public in March via a merger, often fluctuating according to Trump's status in the news cycle.
For example, shares rose after an attempted assassination of the then-presumptive Republican nominee and then went on a steady decline amid President Joe Biden dropping out of the race and Vice President Kamala Harris becoming the Democratic nominee.
The stock - which trades under the ticker symbol DJT - fell five percent on the day Trump returned to using X, formerly Twitter, in August as investors feared Truth Social's star might dim without its most valuable user posting exclusively on the platform.
And there are now rumors that Truth Social might merge with Elon Musk's X. Trump and the billionaire Tesla founder have grown close in recent months, with Musk even making an appearance in a post-election Trump family photograph as well as being present during a call between the president-elect and Ukraine's leader, Volodymyr Zelensky.
Trump is TMTG's majority owner, with 57.3 percent of the company's shares belonging to him. In October, his total stake in the company was estimated to be worth around $5.9 billion.
Newsweek contacted a TMTG spokesperson via email for comment outside normal working hours.
Update, 11/9/24, 07:57 a.m. ET: This article was updated with additional information.
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