“Fake, Untrue, And Probably Illegal” – Trump Denies Rumors That He Will Reduce His Gigantic Stake In Trump Media And Technology Group (DJT)
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In a development that has provided a fresh upward jolt to the shares of Trump Media and Technology Group (NASDAQ: DJT), the parent entity of Truth Social platform, the US president-elect has now unambiguously denied a rumor that pertained to his gigantic stake in the newly formed company.
To wit, in a dedicated Truth Social post, Trump has termed all rumors regarding his supposed intention to reduce his stake in Trump Media and Technology Group "fake, untrue, and probably Illegal."
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The shares of TMTG are up around 9 percent following this unambiguous announcement by the president-elect.
For the benefit of those who might not be aware, the president-elect currently retains a mammoth 59 percent stake in Trump Media and Technology Group (TMTG), which corresponds to 114.75 million shares. Based on the current stock price of $30 per share, Trump Media boasts of a market capitalization of $6.14 billion. This means that Trump's stake is currently worth a whopping $3.6 billion.
In a testament to the volatility surrounding this stock, do note that Trump's TMTG stake was worth a whopping $5.3 billion as recently as Wednesday morning, when the results of the 2024 presidential elections in the US were finally called by all major news organizations.
Of course, Trump Media and Technology Group derives almost the entirety of its value through its close association with the president-elect. After all, the company currently has barely any revenues. For instance, during the third quarter of 2024, TMTG disclosed just $1 million in revenue and $4.7 million in interest income. The company also recorded a net loss of $19.2 million for the quarter after accounting for $12.1 million in
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