President-elect Donald Trump’s social media stocks have rebounded dramatically after his posts on Truth Social, reportedly increasing his net worth by $500 million.
Trump Media and Technology Group’s stock price fell 42% from Wednesday’s all-time high, then 15% after he declared he had no plans to sell the company’s stock in response to rumors of a possible exit. It rose recently. According to On CNN. Trump’s post stabilized the stock’s volatile performance.
“There are false, deceptive, and possibly illegal rumors and statements, possibly by market manipulators and short sellers, that I am interested in selling Truth stock. Those rumors and statements are false. Sell. I don’t mean to!” Trump I wrote.
As the largest shareholder, Trump’s stock, consisting of 114.75 million shares, has soared to about $3.7 billion from $3.2 billion at the start of trading on Friday, CNN reported. Despite a turbulent week for the company, this jump ensured a modest 4.4% gain for the week.
Trump Media has seen extreme fluctuations since its public debut in March, often reflecting the rise and fall of Trump’s political fortunes more than his business fundamentals, the outlet reported. In fact, the stock quadrupled in the weeks leading up to the election, only to plummet 41% in the days that followed. (Related: Trump gets $1 billion bonus from performance of Truth Social stock)
In contrast to larger companies like X, TikTok, and Instagram, Truth Social remains a small company, reporting less than $1 million in revenue last quarter and grappling with financial challenges, according to CNN. said. However, Trump’s recent communications reassure investors of his continued commitment to the company, which is extremely important given that the company’s valuation is heavily dependent on his active participation. It’s important.
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