According to a report by CNN, after Donald Trump was re-elected as president, the stock price of his “Truth Social” media surged earlier this week, only to decrease afterwards. However, after Trump posted a debunking post on the platform, the stock price rose again, leading to a significant increase of $500 million in his net worth.
At the market opening on Friday (November 8th), the stock of Trump’s media and technology group, the parent company of “Truth Social,” had fallen by 42% from its recent high since Wednesday’s opening.
However, half an hour after trading began on Friday and the stock was declining again, Trump posted a message on the “Truth Social” website regarding the company’s stock. Trump stated, “Perhaps the market manipulators or shorts are at work,” and “claiming that I intend to sell shares of ‘Truth (Social).'”
“All those rumors or claims are false,” he clarified, “I have no intention to sell!”
Subsequently, the stock skyrocketed, rising nearly 15% on Friday. Trump, the company’s largest shareholder with a 53% stake, now owns approximately 1.1475 billion shares valued at around $3.7 billion, a significant increase from $3.2 billion at Friday’s market opening.
In September, Trump had stated that he would not sell his shares or leave the platform he had created.
Despite Trump and Vice President Harris being neck and neck in most polls on the eve of the election, the betting markets favored Trump to win.
This optimism drove Trump Media’s stock up by about 200% in the six weeks before the election.
With Trump’s victory in the election and the possibility of the Republicans scoring big in Congress – maintaining a majority in the House after winning a majority in the Senate – market expectations for the business policies of the new US government have risen. The S&P 500 briefly surpassed the 6,000 points mark and closed with the largest weekly percentage gain in a year.
Investors are hopeful that Trump’s return to the White House will bring tax cuts and deregulation. The Federal Reserve cut interest rates by 25 basis points on Thursday, further boosting the stock market this week.
The S&P 500 and Dow Jones Industrial Average recorded their best weekly percentage gains since early November 2023, while the Nasdaq had its best weekly performance in two months and the second-highest weekly performance in 2024.
Following predictions of Trump’s victory, on the 6th, the stock price of Trump Media and Technology Group, the parent company of “Truth Social,” surged by as much as 35%, before retracting.