DJT stock continues rally after Trump announces 'no intention' to sell shares

11/11/2024 21:03

Trump Media & Technology Group stock extended gains on Monday after a 15% pop on Friday's followed the President-elect's announcement he had no plans to offload any of his shares in the company.

Trump Media & Technology Group stock (DJT) rose in premarket trading on Monday, rising as much as 7% after shares surged 15% on Friday following news that Donald Trump would not sell his shares in the company.

Trump, who made the announcement on his Truth Social account Friday afternoon, maintains a roughly 60% interest in DJT, the parent company of Truth Social.

At Friday's closing levels of around $32 a share, Trump Media boasts a market cap of about $7 billion, giving the president-elect a stake worth around $4.2 billion.

Shares in the company have been on a wild ride since Trump clinched victory over Kamala Harris in the presidential election, oscillating between highs and lows.

In September, shares in Trump Media traded at their lowest level since the company's debut following the expiration of its highly publicized lockup period. The stock eventually bounced back from its lows as both domestic and overseas betting markets began to shift in favor of a Trump victory.

FILE - Then-Republican presidential nominee former President Donald Trump speaks during a campaign event, Wednesday, Sept. 25, 2024, in Mint Hill, N.C. (AP Photo/Evan Vucci, File) — Then-Republican presidential nominee former President Donald Trump speaks during a campaign event, Wednesday, Sept. 25, 2024, in Mint Hill, N.C. (AP Photo/Evan Vucci, File) · ASSOCIATED PRESS

Trump founded Truth Social after he was kicked off major social media apps like Facebook (META) and Twitter, now X, following the Jan. 6, 2021, Capitol riots. Trump has since been reinstated on those platforms. He officially returned to posting on X in mid-August after about a year's hiatus.

As Truth Social attempts to take on social media incumbents, the fundamentals of the company have long been in question.

On Tuesday, just a few hours before the election polls closed, DJT dropped third quarter results that revealed a net loss of $19.25 million for the quarter ending Sept. 30. This was narrower than the $26.03 million the company reported in the year-ago period.

DJT also reported revenue of $1.01 million, a slight year-over-year drop compared to the $1.07 million it reported in the third quarter of 2023. Over the past nine months ending Sept. 30, revenue has fallen 23% from the prior-year period.

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at [email protected].

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