Trump Media shares soar 15% after prez-elect says he won't sell, blasts 'market manipulators'
Trump owns nearly 115 million shares and has about a 53% stake in the Truth Social parent.
Shares of Trump Media & Technology Group jumped on Friday after President-elect Donald Trump said he had no intention of selling his shares in the company, which owns his Truth Social media platform.
In a post on Truth Social, Trump rejected what he described as rumors that he was planning to sell shares a day after the stock slumped.
“There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth,” Trump wrote.
“THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!,” Trump added.
Shares of the company closed 15% higher on Friday at $31.91 and hit a session high of $33.03.
The stock was briefly halted for volatility after Trump’s comments.
On Thursday, shares of the company slumped as speculative bets on Trump winning a second four-year term lost steam a day after his victory over Democrat Kamala Harris.
The stock rose 5.9% on Wednesday following Election Day on Tuesday.
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Trump Media gains post-election, even as Truth Social parent reports $19 million quarterly loss
The parent company of Donald Trump’s social networking site Truth Social lost $19.2 million in the last quarter, according to an earnings report released on the same day he won back the presidency.
Trump Media and Technology Group reported late Tuesday that much of that loss stemmed from more than $12 million in legal fees, along with a decline in revenue, according to the surprise Election Day earnings report. Its stock price surged Wednesday but that was more likely due to Trump’s defeat of Vice President Kamala Harris to retake the presidency than on its profit prospects.
Trump created the company after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. Based in Sarasota, Florida, it has been losing money and struggling to raise revenue.
Revenue for the three-month period that ended on September 30 was just over $1 million, down nearly 6% from a year earlier. Trump Media, based in Sarasota, Florida, has lost more than $363 million so far this year.
Trump Media said some of its costs related to the launch of its new TV streaming service called Truth+.
CEO and former Republican U.S. Rep. Devin Nunes said in a statement the company “continues to explore additional possibilities for growth” such as mergers with other companies that “would benefit from Trump Media technology and branding.”
The company said in a regulatory finding that its success depends in part on “the reputation and popularity of President Donald J. Trump.”
Zuckerberg Not Liable in Youth Mental Health Lawsuits
Zuckerberg Not Liable in Youth Mental Health Lawsuits
A federal judge said Meta Platforms CEO Mark Zuckerberg is not personally liable in 25 lawsuits accusing his company of addicting children to social media.
#markzuckerberg #lawsuit #socialmedia #meta #mentalhealth
U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California rejected accusations Thursday that Zuckerberg directed Meta's efforts to conceal from children the serious mental health risks of using Facebook and Instagram.
The plaintiffs called Meta's billionaire co-founder the "guiding spirit" behind alleged concealment efforts, saying he ignored repeated internal warnings about the risks and publicly downplayed them.
But the judge found a lack of specifics about what Zuckerberg did wrong, and said "control of corporate activity alone is insufficient" to establish liability. Her decision does not affect related claims against Meta itself.
The plaintiffs brought claims under the laws of 13 U.S. states: Arizona, Colorado, Connecticut, Georgia, Maryland, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin.
Previn Warren, a partner at Motley Rice representing the plaintiffs, said on Friday his clients will continue gathering evidence "to uncover the truth about how Big Tech has knowingly prioritized profits over the safety of our children."
The 25 lawsuits are among several hundred by children, their families and school districts seeking damages from Meta, Alphabet's Google, ByteDance's TikTok and Snap's Snapchat over social media addiction.
Dozens of U.S. state attorneys general are pursuing similar cases against Meta, linking its social media platforms to anxiety, depression, insomnia, and interference with education and daily life.
The case is In re Social Media Adolescent Addiction/Personal Injury Products Liability Litigation, U.S. District Court, Northern District of California, No. 22-md-03047.