Trump Media stock jumps after former president says he won't sell his shares

Published On Sep 13, 2024, 1:49 PM

Shares of Trump Media and Technology Group surged on Friday after former President Donald Trump announced he would not sell his shares in the company. Trump, who owns 57% of the company, stated that he loves the platform and intends to remain involved. This news reversed a recent downward trend in the stock, which had fallen significantly before his announcement, likely due to uncertainty about insider share sell-offs that are permitted starting this month. The stock gained 12% on the day, closing at $17.97, which reflects a recent price drop since its peak valuation of nearly $10 billion earlier this year.

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Stock Forecasts

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Negative

The stock's recent rise due to Trump's commitment to retain his shares may indicate continued support and confidence in the company from retail investors. However, upcoming sell-off releases by insiders could introduce volatility and downward pressure on the stock price.

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