Trump earns US$500 million with just one post on social media
Agency
09/11/2024
With just one post on Truth Social, Trump helped his company's stock rebound — and added half a billion dollars to his net worth. - Reuters photo
SHARES of the social media Trump Media and Technology (DJT) owned by the President-elect of the United States (US), Donald Trump, have declined rapidly after a brief surge following this week's election victory.
However, with just one post on Truth Social, he helped raise the stock again - and added half a billion dollars to his net worth.
At the market open Friday, in what is likely a classic and popular adage in the world of "buy the rumor and sell the news," shares of Trump Media and Technology fell 42 percent from their recent peak, shortly after Wednesday's open.
Traders often buy shares in the hope of a positive event for the company - and when it happens, they sell to get their profits.
Nevertheless, half an hour after the market opened on Friday, as the stock fell again, Trump shared a post on Truth Social regarding the company's stock: “There are false, untrue and possibly illegal rumors and/or statements made by , perhaps, market manipulators or those who do short sales, that I am interested in selling shares of Truth.
"The rumor or statement is false. I do not intend to sell [ THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING !”],” asserted Trump in a shared statement.
Immediately following Trump's counter-statement, the stock soared nearly 15 percent on Friday.
Trump is now the company's single largest shareholder and his 114.75 million shares are now worth about US$3.7 billion.
The lift was up from US$3.2 billion at Friday's market open.
Friday's surge helped the stock end up in the green zone for the week — but not by much. Trump media is up just 4.4 percent over the past five days. - Agency
