Shares of Trump Media & Technology Group surged on Friday after President-elect Donald Trump dismissed rumors that he would sell his shares in Truth Social, calling the speculations fake and demanding an “immediate investigation” into anyone spreading such rumors.
Trump posted on the social media site, saying, “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.”
This marked Trump’s first statement on his social media platform since his historic election victory. He added, “THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”
Shares of the company closed 15.2 percent 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.
Trump holds a 56.6 percent stake in Trump Media & Technology Group, the parent company of Truth Social, with TMTG’s market capitalization reaching $6.5 billion by late Friday morning.
According to The Associated Press, Trump became eligible to start selling his shares on Sept. 19, following the expiration of a lockup provision that previously restricted company insiders from selling.
Trump continued, “I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities.”
TMTG describes itself as “a uniting force for freedom of expression.”
Trump added, “Truth is an important part of our historic win, and I deeply believe in it. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!”
Shares of TMTG saw fluctuations following the election, initially rising 5.9 percent on Wednesday after Trump’s victory over Democrat Kamala Harris. However, by Thursday, the stock declined as speculative bets on Trump securing a second four-year term began to lose momentum.
Despite most pre-election opinion polls indicating a very tight race between Trump and Harris, online betting markets favored the former president. This optimism drove Trump Media stock to surge roughly 200 percent in the six weeks leading up to the election.
However, following Trump’s election to a second term as president, it remains uncertain whether federal ethics rules will require him to sell his stock to prevent any potential conflicts of interest.
During his first term, Trump chose not to place his assets in a blind trust, as experts had recommended. Instead, he transferred control of the company to his sons, Donald Trump Jr. and Eric Trump.
Reuters contributed to this report.