This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
In a development that has provided a fresh upward jolt to the shares of Trump Media and Technology Group (NASDAQ: DJT), the parent entity of Truth Social platform, the US president-elect has now unambiguously denied a rumor that pertained to his gigantic stake in the newly formed company.
To wit, in a dedicated Truth Social post, Trump has termed all rumors regarding his supposed intention to reduce his stake in Trump Media and Technology Group "fake, untrue, and probably 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. 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 shares of TMTG are up around 9 percent following this unambiguous announcement by the president-elect.
For the benefit of those who might not be aware, the president-elect currently retains a mammoth 59 percent stake in Trump Media and Technology Group (TMTG), which corresponds to 114.75 million shares. Based on the current stock price of $30 per share, Trump Media boasts of a market capitalization of $6.14 billion. This means that Trump's stake is currently worth a whopping $3.6 billion.
In a testament to the volatility surrounding this stock, do note that Trump's TMTG stake was worth a whopping $5.3 billion as recently as Wednesday morning, when the results of the 2024 presidential elections in the US were finally called by all major news organizations.
Of course, Trump Media and Technology Group derives almost the entirety of its value through its close association with the president-elect. After all, the company currently has barely any revenues. For instance, during the third quarter of 2024, TMTG disclosed just $1 million in revenue and $4.7 million in interest income. The company also recorded a net loss of $19.2 million for the quarter after accounting for $12.1 million in legal costs, including those in relation to TMTG's acquisition of TV streaming technology in August 2024.
Bear in mind that Trump Media and Technology Group has now launched its Truth+ TV streaming service on a dedicated content delivery network (CDN). The service supports live TV as well as video on demand and is now available via the native Truth+ apps for Android, iOS and smart TVs.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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