Shares of Trump's media company rebound from all-time low
Sep 25th, 12:14:02
Shares of former U.S. President Donald Trump's media company sprang back over 6% on Wednesday, rebounding from all-time lows after restrictions on insider selling expired last week.
Two straight days of gains in Trump Media & Technology Group, which is 57% owned by the Republican presidential nominee, have lifted it 12%, bringing its market capitalization to $2.7 billion.
In the two sessions after restrictions on insider selling lifted at the end of Thursday, shares of Trump Media, which operates the Truth Social app, tumbled to their lowest since the company's stock-market debut in March.
The stock was last at $13.64 after trading as high as $14.48 earlier on Wednesday.
Trump, whose stake in Trump Media is now worth roughly $1.6 billion, said on Sept. 13 he did not plan to sell his shares, turning the focus to other major stakeholders who could cash out.
Traders have exchanged an average of $275 million worth of Trump Media shares a day since the insider trading restrictions ended, higher than the average daily turnover of $188 million for the rest of September, according to LSEG data. No insiders have filed disclosures of share sales.
https://app.piqsuite.com/reuters/shares-of-trumps-media-company-rebound-from-all-time-low-2024-09-25-17-13-51