Shares of Donald Trump's company Media and Technology Group rose nearly 200 percent ahead of the US presidential election. But after he won, the stock fell amid rumors that he would sell the shares. However, the share price turned around in one post of Trump.
The media and technology group's share price rose more than 16 percent to more than $32 by noon on Friday. A few more hours left for the end of the day's trading. As of noon, the company's market capitalization has risen to more than $86 million.
In a post on his social media platform Truth Social, Trump said, 'This is a complete lie. I have no desire to sell shares! Market influencers or short sellers may have done so.'
Shares rose shortly after Trump said he had no plans to sell shares in the company. Due to the abnormal price increase, the trading of shares was suspended at one point.
But the previous day Thursday, the price of the share fell. Many investors sold stocks when Trump's chances of a second term dwindled. However, the day after the election, the share price rose 5.9 percent.
The difference between the votes of Trump and Kamala Harris was not much, but the online betting market was in favor of Trump. As a result, investors supported Trump. In the six weeks leading up to the election, shares of Trump Media rose nearly 200 percent.
As of Friday morning, the company's total market capitalization was $6.5 billion. Media and Technology Group's total share is 21 crore 69 lakh 23 thousand 448. Of these, Trump owns more than half, that is, about 11.5 million shares, with a market value of more than 3.5 billion dollars.
