This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Trump Media and Technology Group (NASDAQ: DJT) shares are currently rocketing in Robinhood's 24-hour trading venue, prompting the popular brokerage platform to slap a warning related to the acceptance of DJT orders.
$DJT most likely won’t resume regular trading on Robinhood until the premarket session begins.
Robinhood has tagged the stock with the 20% warning label — orders out of range may be rejected by the venue. #DJT
The 24HR market disclosure is in the reply pic.twitter.com/aXOpUrDPLL
— Wolf of My Street🏡 (@Ryan__Rigg) July 15, 2024
For the benefit of those who might not be aware, Robinhood's 24-hour trading venue, Blue Ocean ATS, only accepts orders within a 20 percent range relative to the reference price. At the time of writing, Trump Media and Technology Group shares are trading 21 percent above the reference price of $31.16, prompting Robinhood to peg a warning related to the rejection of orders.
As per a tabulation by ApeWisdom, Trump Media and Technology Group is by far the most popular stock right now on Reddit, commanding 472 distinct mentions and 2,239 upvotes in the past 24 hours. For comparison, NVIDIA - the uncontested momentum darling of the market right now - commanded just 157 mentions over the same period.
Moving away from the macro factors, back in May, the parent entity of Trump's Truth Social platform had noted that it was done with the research and development phase of its new live TV streaming platform and that it would begin to scale up its own Content Delivery Network (CDN). In the first phase, Trump Media plans to introduce live streaming to the iOS, Android, and web versions of the Truth Social platform. In the second phase, the company intends to launch a dedicated OTT streaming app for smartphones and tablets, and then release a version of the app for smart TVs in the third phase.
In early July, Trump Media and Technology Group entered into an all-equity deal with WorldConnect Technologies, WorldConnect IPTV Solutions, and JedTec to acquire key assets, including the source code, for its upcoming Content Delivery Network (CDN).
Concurrently, Trump Media and Technology Group also entered into a Standby Equity Purchase Agreement (SEPA) with a Cayman Islands exempt limited partnership, Yorkville. Under this agreement, Truth Social's parent entity can sell shares worth $2.5 billion to Yorkville from time to time during the duration of the SEPA. Do note that Trump Media's cumulative cash balance as of the 01st of July had already swelled to $350 million.
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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