The stock of Trump Media & Technology Group (DJT) soared over 10%, driven by former President Donald Trump's recent comments. Trump reiterated his stance against selling DJT shares and called for regulatory scrutiny into market manipulation claims. Following his statement on Truth Social, DJT's share price quickly surged.
Trump's statement denounced rumors of his intent to sell DJT stock, labeling them as false and illegal, possibly instigated by market manipulators or short-sellers. He urged authorities to investigate those spreading these rumors.
Trump Media's core asset is the social media platform Truth Social, with Trump holding approximately 60% of its shares, valuing his stake at roughly $3.9 billion, given the current share price of about $30.
Despite a reported net loss of $19 million last quarter, and revenue slightly over $1 million, DJT's fundamentals remain under scrutiny. However, the stock received a boost as Trump's election victory spurred his supporters to invest as a sign of support.
Meanwhile, Tesla's stock surged over 7%, extending recent gains and propelling its market value beyond $1 trillion. Elon Musk, a key ally of Trump's campaign, had invested at least $130 million in support, with investor optimism growing that a Trump administration might benefit Tesla and its business operations.
Wedbush analyst Dan Ives suggested that a Trump presidency could lead to reduced regulations for Tesla and similar companies, potentially boosting their competitive edge. Tesla, with its unparalleled scale in the EV industry, might maintain an advantage even without subsidies, especially if Trump increases tariffs.
