Trump’s Truth Social Post Sends Stock Soaring, Adding $500 Million to His Wealth
President-elect Donald Trump made a significant financial gain on Friday, adding half a billion dollars to his net worth with a single post on his social media platform, Truth Social. Trump’s message, which addressed rumours about his intentions regarding Truth Social shares, sent the stock of Trump Media and Technology Group surging by nearly 15% during Friday’s trading session.
Earlier in the week, shares of Trump Media and Technology Group had dropped 42% from their recent post-election peak, reflecting the volatile nature of what analysts call a “meme stock.” However, after Trump posted on Truth Social to refute claims that he was considering selling shares, the stock rebounded sharply. “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!” Trump’s post read.
Following the boost, Trump’s 114.75 million shares in the company increased in value from $3.2 billion to $3.7 billion. Despite Friday’s rise, the stock saw only a modest 4.4% gain for the week overall.
Truth Social has faced scrutiny for its dependency on Trump’s ownership and participation, which has driven the stock’s highly speculative performance. While the platform remains small compared to rivals like X, TikTok, and Instagram, its stock price often reacts to Trump’s public remarks, especially around significant events like the election.
Trump’s ability to influence the stock’s value through his statements has raised ethical questions, given his business ties and ownership stakes. Ethical concerns around Trump’s dual role as both a political figure and a business owner have heightened as he prepares to take office again, with some observers noting that his financial interests could be seen to intersect with his political influence.
