May 23, 2024

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DJT stock is still on the rise. Trump Media's short-selling campaign may be successful.

DJT stock is still on the rise.  Trump Media's short-selling campaign may be successful.

Shares of Trump Media and Technology Group rose early Wednesday, extending its winning streak since the company began a campaign against stock short-selling.

Trump Media stock added 2.6% in premarket trading to $51.25 after closing up 6.9% on Tuesday. The price has doubled since hitting lows of $23 in mid-April. But it is still well below the peak of $66 achieved at the end of March, right after its merger with a special purpose acquisition vehicle allowed it to float.

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Shares of Trump Media and Technology Group rose early Wednesday, extending its winning streak since the company began a campaign against stock short-selling.

Trump Media stock added 2.6% in premarket trading to $51.25 after closing up 6.9% on Tuesday. The price has doubled since hitting lows of $23 in mid-April. But it is still well below the peak achieved at $66 End of the marchImmediately after it merged with a special purpose acquisition vehicle that allowed it to float.

This week, the group continued to target short sellers in public statements. Short selling is when traders borrow shares to sell, hoping to buy them back for a lower amount later. The company said on April 29 that stockholders can ask their brokers to withdraw shares if they are loaned out.

Donald Trump, the presumptive Republican presidential nominee in this year's election, made posts on the website Truth Social as he faces criminal prosecution over allegations that he falsified New York business records to influence the 2016 presidential election. He is accused of paying film actress Stormy Daniels in exchange for her silence about the affair. An affair she allegedly had with the former president. Trump denied this case and claimed that he was being prosecuted for political reasons.

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Trump owns approximately 115 million shares in the company, worth about $5 billion at current prices. He is prohibited from selling them during a six-month confinement period, but can request a waiver from the company's board of directors.

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Write to Brian Swint at [email protected]