President-elect Donald Trump has rejected rumors that he could sell his stake in Trump Media and Technology Group (TMTG), the stock that encompasses his social media platform Truth Social.
Since his decisive victory on Tuesday, Trump's media stock has gone through drastic changes in value as investors grapple with the ramifications of what a second term could mean for trading.
TMTG soared in value by 44 percent during the Wednesday premarket, only to drop back down on Thursday after investors noticed that Trump had not used the site since winning the election.
The group has been volatile since it went public in March, often fluctuating according to Trump's status in the news cycle. Its value is tied directly to Truth Social, its primary product, which is in turn reliant on being the president-elect's preferred social media platform to maintain relevance.
The stock saw one of its biggest drops when Trump returned to using X, formerly Twitter, on a daily basis, as investors feared Truth Social's unique access to his inner monologue would be watered down.
With Trump's ever-closer relationship with X owner Elon Musk, who backed the Republican on the campaign trail, many investors were worried that the incoming president could leave Truth Social behind.
However, Trump reassured his backers with a new Truth Social post on Friday, where he pledged to never sell his shares in the company, and praised the impact the social media site had had on the election.
Trump wrote: "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.
"THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING! 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.
"Truth is an important part of our historic win, and I deeply believe in it. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!"
The statement was later made a Trump pinned-post on his account, suggesting this is a long-term commitment.
Trump is TMTG's majority owner, with 57.3 percent of the company's shares belonging to him. In October, his total stake in the company was estimated to be worth around $5.9 billion.
Newsweek contacted a spokesperson for Trump Media and Technology Group via email for comment on the stock's movement.
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