Shares in Donald Trump's Trump Media & Technology Group soared on Friday after he vowed not to sell his DJT stake.
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.
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 60% of the company's stock, selling even a portion of his stake could flood the market with available shares, potentially lowering its price. At a press conference on Friday, Trump pointed to the lock-up's expiration as the reason for his stock's slide.
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