DJT Stock Is Bouncing Back. Why the Truth Social Parent Is Up Today.


Trump Media & Technology Group shares were rising early Thursday after posting a big drop amid reports the company has asked Congress to investigate short sellers.

Trump Media stock gained 7.9% to $48.68 on Thursday, continuing a strong three-day run. The shares have taken investors on a wild ride since the owner of the Truth Social social-media platform merged with a special purpose acquisition vehicle in March. It’s traded as low as $23 and as high as $66.

There…

Trump Media & Technology Group

shares were rising early Thursday after posting a big drop amid reports the company has asked Congress to investigate short sellers.

Trump Media stock gained 7.9% to $48.68 on Thursday, continuing a strong three-day run. The shares have taken investors on a wild ride since the owner of the Truth Social social-media platform merged with a special purpose acquisition vehicle in March. It’s traded as low as $23 and as high as $66.

There were few clear catalysts for the price moves this week. Earlier today, CNBC reported that CEO Devin Nunes had asked some Republican members of Congress to investigate short sellers who had been betting on a decline in the stock. Selling short is when traders borrow shares to sell, hoping to buy them back for less at a later time. The company said on April 29 that owners of the stock can ask their brokers to recall the shares if they have been lent out.

Donald Trump, the presumptive Republican nominee for president in this year’s election, owns more than 60% of the company after receiving additional shares when stock remained above a benchmark level for a certain number of days. Still, he’s not allowed to sell until six months after the merger with the shell company. He could seek a waiver on that from the company’s board.

Trump is currently on trial over allegations that he falsified New York business records to influence the 2016 presidential election. Trump denies the allegations and claims he is being prosecuted for political reasons.

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Write to Brian Swint at brian.swint@barrons.com



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