Trump Media Shares Surge Amidst Rumors of Stake Sale Rebuttal

Shares of Trump Media & Technology Group surged following President-elect Donald Trump's statement denying intentions to sell his stake in the company. Market rumors suggested a sale, but Trump refuted these as false, causing a 12% rise in stock amid its volatility and speculative bets on election outcomes.

Shares of the Trump Media & Technology Group experienced a significant surge on Friday, following President-elect Donald Trump's firm denial of any plans to sell his stake in the company. Trump's rebuttal of rumors resulted in a 12% rise in the stock's value by midday.

In his post on Truth Social, Trump strongly dismissed the rumors about selling the shares as unfounded and illegal, attributing them to possible market manipulators or short sellers. The stock experienced volatility as these comments were made, briefly halting trading before rebounding to $31.04.

On Thursday, speculative bets on Trump's potential victory against Kamala Harris initially caused a slump. However, financial insights from S3 Partners highlighted a $420 million loss for investors who bet against Trump Media, as market confidence grew around Trump's leadership potential, driving a 200% stock surge over six weeks leading to the election.

(With inputs from agencies.)