Shares of Trump's social media company surge after president-elect’s pledge not to sell stake
Date
11/11/2024 4:43:32 AM
(MENAFN) Shares of Donald Trump's social media company saw a significant boost on Friday, rising nearly 16 percent to USD32 per share. This surge followed the president-elect's renewed pledge not to sell his stake in the parent company of Truth Social and his call for an investigation into "market manipulators or short sellers." Investors responded positively to the news, fueling optimism about the future of Trump Media.
In interviews conducted before the election, some of the company's shareholders expressed confidence that Trump’s victory would help address the company’s struggles, particularly in relation to the stock price. They believed Trump could investigate and potentially stop "naked short selling," a practice they blamed for the company’s underperformance on the stock market.
Earlier this year, Trump Media’s CEO, Devin Nunes, requested that Nasdaq investigate whether short sellers were manipulating the company's stock price by betting against it without actually owning or borrowing shares.
Todd Schlanger, a shareholder from West Palm Beach, expressed his belief that Trump's presidency would lead to significant changes for the company and the broader business landscape. He specifically anticipated that Trump would fire the head of the SEC, a move Schlanger thought could dramatically shift the regulatory environment in favor of companies like Trump Media.
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