Trump Media's Shares Surge Amidst Rumor Rebuttal

Shares of Trump Media & Technology Group soared after President-elect Donald Trump declared he would not sell his stake in the company. His statement followed a drop in stock amid rumors of a sale. The company's stock closed 15.2% higher, influenced by recent election dynamics.

Shares of Trump Media & Technology Group soared on Friday after President-elect Donald Trump announced that he had no plans to sell his shares in the company. Trump, who owns the Truth Social media platform, made a post dismissing rumors of a potential sale.

"There are fake, untrue, and probably illegal rumors and/or statements," Trump stated, addressing allegations of selling shares. "THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!" The market responded to his assurances, resulting in a 15.2% increase in share value to $31.91, with a session high of $33.03.

Earlier, shares had fallen amid speculation following Trump's election victory over Kamala Harris, despite a significant surge prior to the election. The company's stock movements reflect strategic market plays based on political outcomes, as Trump's 53% stake translates to significant personal and corporate financial interest.

(With inputs from agencies.)