Trump's Firm Shares Soar Amidst Sell-off Rumor Denial

Shares of Trump Media & Technology Group surged after President-elect Donald Trump denied rumors of selling his stake in the company. Trump's remarks on Truth Social counteracted a stock slump, leading to an 8.7% increase by midmorning. This follows fluctuating stock movements driven by election-related speculations.

Shares of Trump Media & Technology Group surged sharply on Friday following President-elect Donald Trump's denial of recent rumors that he planned to sell his stake in the company. The firm owns Truth Social, a media platform associated with Trump.

In a post on Truth Social, Trump refuted what he described as 'fake' and 'probably illegal' rumors spread by market manipulators or short sellers, stating unequivocally, 'I have no intention of selling!'. This statement contributed to the company's stock climbing 8.7% to $30.15 on the Nasdaq at midmorning and reaching up to $32.

After an initial slump connected to diminishing speculative bets on Trump's political future, the stock rebounded following Election Day developments. Trump Media's shares had undergone a significant 200% increase in the six weeks leading up to the election, largely driven by investor anticipation of Trump's leadership impact.

(With inputs from agencies.)