Trump Media, owner of the Truth Social app, has seen a series of gains for its DJT ticker, even after majority shareholder Donald Trump earned extra shares.
Trump Media shares fell sharply in morning trading, shortly after pushing above the $50 per share threshold for the first time in nearly a month.
But the stock is still trading well below the more than $70 per share it opened at in its public trading debut on March 26, after Trump Media merged with Digital World Acquisition Corp.Former U.S. President Donald Trump announced plans on Oct. 20 to launch his own social networking platform called Truth Social.shares dropped sharply in morning trading Wednesday, shortly after rising above the $50 per share threshold for the first time in nearly a month.
The former president is barred from selling those shares during the six months following the execution of Trump Media's merger with the shell company, and as the firm has encouraged shareholders to take steps that would prevent their stock frrom being loaned for short selling trades. "This means that existing short sellers need to have DJT's stock price decline by -$0.35 every day just to cover their short financing costs," he wrote in an email.
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