Trump now launches an investigation into the DJT stock manipulation that occurred when a rumor was started relating to the sale of Truth Social’s shares.
On Friday, President-elect Trump denied rumors that he plans to sell his shares in Truth Social, claiming these reports are “untrue” and calling for an investigation into those spreading them.
He stated on the social media platform, “There are fake, untrue, and probably illegal rumors made by market manipulators or short sellers about my interest in selling shares of Truth.
THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!”
Trump requested that authorities investigate those who have circulated these false claims.
He emphasized the importance of Truth Social in light of his election victory, expressing his strong belief in the platform.
As the owner of a significant stake in Trump Media & Technology Group, the parent company of Truth Social, Trump has been allowed to sell his shares since September 19, when a lockup period for company insiders expired.
Following his win over Vice President Harris in the presidential election, the company’s stock experienced an increase, despite ongoing struggles to generate revenue and attract new users.
Throughout his campaign, Trump has utilized Truth Social to share statements and commentary on current events, similar to his past use of Twitter, now known as X.
It remains uncertain whether he will need to divest from Truth Social to adhere to federal ethics regulations upon taking office, reports The Hill.
During his first term, he did not place his assets in a blind trust as recommended by experts, instead transferring control of the company to his sons, Donald Trump Jr. and Eric Trump.
President Donald Trump has also vowed to fire SEC Chair Gary Gensler, which retail investors have championed.
In Trump’s address at the Bitcoin 2024 conference in Nashville, Tennessee, he stated: “On day one, I will fire Gary Gensler.”
DJT stock is currently up more than 14% on Friday, trading at $31.78.
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Also Read: Big Changes Underway To The Stock Market Regarding Naked Short Selling
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