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The share price of Trump media rose more than 12% in afternoon trading on Monday, continuing a stunning rise that began in mid-April.
The DJT ticker rose more than $5 per share just before 1 p.m. ET.
Trump Media owns the Truth Social app, which is frequently used by the company’s majority shareholder, former President Donald Trump, who is also the presumptive Republican presidential nominee this year.
“TRUTH SOCIAL IS THE TRUE VOICE OF AMERICA!!!” Trump wrote in a post on the website earlier Monday.
The company began public trading on March 26 at over $70 per share. Over the next few weeks, share prices plummeted, reaching a low closing price of $22.80 on April 16.
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DJT share price
Since then, the price of Trump Media shares has more than doubled, increasing the company’s market capitalization and the ex-president’s stake by billions of dollars.
The increases occurred without there being any significant news about an improvement in the company’s results.
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Earlier on Monday, Trump Media issued a press release that essentially underscored previously released information to shareholders and advised them how to prevent their shares from being loaned out to short sellers to bet on price declines.
Trump Media has more than $200 million in cash, but its social media business posted losses of $58 million last year on revenue of just $4.1 million.
This is developing news. Check back for updates.
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2024-04-29 17:45:47
www.cnbc.com
