Shares in Trump’s social media corporation spike after president-elect says he won’t sell stake

Shares in Donald Trump’s social media corporation spiked after the president-elect again vowed not to sell his stake in the parent corporation of Truth Social and called for an investigation into “economy manipulators or short sellers.”

Trump Media’s distribute worth increased by nearly 16 percent to $32 per distribute on Friday, as investors reacted to the information.

In interviews with ABC information before the election, some shareholders expressed optimism about the corporation’s upcoming if Trump won the election, in large part due to his potential ability to investigate and stop so-called “naked short sellers,” who they blamed for the corporation’s lackluster distribute worth.

Earlier this year, Trump Media’s CEO Devin Nunes called for Nasdaq to investigate whether the corporation’s distribute worth was manipulated by short sellers betting against the corporation without owning or borrowing shares.

“The structure seems benevolent of rigged,” Todd Schlanger, a shareholder from West Palm Beach, told ABC information earlier this year. “Once he becomes president, I ponder he’s going to fire the head of the SEC, and I ponder that’s going to make a large transformation for the corporation and for all companies.”

Shares in the corporation — which some analysts saw as a bellwether for Trump’s electoral odds — have surged since late September when the distribute traded as low as $12. As Trump’s odds of winning the election improved, the distribute’s worth tripled in October, market activity at more than $50 per distribute.

But the corporation’s long-term achievement remains doubtful, with the corporation losing more than $19 million during the last quarter while bringing in only $1 million in turnover, according to a recent SEC filing.

According to Similarweb, a data tracking site, the site only attracts 3.7 million distinctive monthly visitors, compared to rival X’s 461.4M monthly visitors.

As Trump heads into office and the corporation’s distribute worth continues to surge, his 57 percent stake in the corporation is worth nearly $4 billion.