Trump Media & Technology Group, the social media business owned by former president Donald Trump, surged on Friday after Trump said he has “absolutely no intention of selling” his stake in the Truth Social owner.
Shares of the stock, which trades under the ticker DJT — the same as Trump’s initials — soared $1.89, or 12%, to $17.97 on Friday. The surge helped the stock rebound from a record low on September 11, the day following his debate with Vice President Kamala Harris, with investors appearing to downgrade his chances of winning the U.S. presidential election.
Trump Media & Technology Group had already suffered from a months-long slump, which lopped billions form its valuation and shaved about $4 billion from Trump’s personal holdings in the company. Trump Media’s shares have been under pressure due to the September 19 expiration of a so-called lock-up provision, which so far has restricted Trump and other company insiders from selling their shares.
Because Trump owns …
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