Shares of Trump Media surged on Friday after President-elect Donald J. Trump confirmed he would not divest his interest in Truth Social’s parent company. The announcement, which appeared as a post on Truth Social, was Trump’s first written communication since his landslide win over Vice President Kamala Harris in the presidential election earlier this week.
Following Trump’s statement, shares of Digital World Acquisition Corp (DWAC), the Special Purpose Acquisition Company (SPAC) linked to Truth Social, increased by more than 10 percent, prompting a temporary trading halt due to heightened market activity and volatility.
In his Friday morning post, Trump addressed circulating rumors about potential stock sales, labeling them as false and potentially illegal. “There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth,” Trump stated, emphasizing his refusal to sell.
“I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities,” he added.
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