President-elect Donald Trump announced on social media Friday that he has no plans to sell his shares in Trump Media & Technology Group, the parent company of Truth Social, despite circulating rumors and false statements. Following his statement, the company’s shares rose by 4%.
In a post on Truth Social, Trump denounced the “fake, untrue, and probably illegal rumors and/or statements” allegedly spread by market manipulators or short sellers, though he did not specify the exact nature of these rumors.
Trump called for an immediate investigation by the appropriate authorities into those responsible for spreading these falsehoods.
Shares of Trump Media, trading under the ticker $DJT, surged nearly 10% on Friday, with a 4% increase occurring within an hour of Trump’s post, reaching $30.13 per share as of 11 a.m. EST.
Trump, who won the presidential election on Tuesday against Vice President Kamala Harris, saw his net worth increase by $248 million on Friday morning, bringing his total net worth to approximately $5.5 billion, making him the 607th wealthiest person in the world.