Trump Media Shares Surge After Strong Statement Against Rumors

Shares of Trump Media & Technology Group increased after Donald Trump stated he wasn't selling shares in the company. In a post on his Truth Social platform, Trump dismissed rumors of share sales as false, causing shares to jump up by 8.7% following a previous decline.

Shares of Trump Media & Technology Group saw an uptick on Friday, buoyed by comments from U.S. President-elect Donald Trump, who affirmed he had no plans to sell his shares in the company. The organization is the parent of his Truth Social media platform.

In a post on Truth Social, Trump decried what he called false rumors about his intention to sell. '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 stated.

'THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!,' he added. This response helped lift the company's shares by approximately 8.7%, reaching $30.15 during midmorning trade on the Nasdaq, recovering from an earlier decline after speculative trading surrounding Trump's political prospects.

(With inputs from agencies.)