Trump Media shares rise again, jump 50% in the past week

Trump
Media
shares
climbed
nearly
7%
Tuesday,
continuing
a
rise
that
has
seen
the
Truth
Social
owner
surge
about
50%
in
the
past
week.

DJT
closed
the
trading
day
at
roughly
$50
a
share,
about
30%
below
its

opening
price
of
$70.90
in
late
March.

The
stock
has
had
several

volatile
days
in
the
past
month,
trading
at
a
high
of
about
$60
a
share
and
a
low
of
just
over
$20
per
share.

Trump
Media’s
rise
has
come
without
significant
news
about
its
finances
improving.
The
company’s
social
media
business
had
$58
million
in
losses
last
year
and
just
$4.1
million
in
revenue.

The
recent
climb
in
the
stock
may
be
the
result
of
steps
the
company
has
taken
to
target

short
sellers,
according
to
Jay
Ritter, a
business
professor
at
the
University
of
Florida
who
is
an
expert
on
initial
public
offerings.

“In
the
last
week
or
so,
the
company
has
informed
its
shareholders
how
to
make
it
difficult
to
loan
their
shares
to
short
sellers,
and
it
is
possible
that
the
number
of
shares
available
to
short
has
decreased,
increasing
the
[cost]
borrowing
rate
for
short
selling,”
Ritter
said.

The
Truth
Social
owner
also
has
urged
Congress
to
investigate
possible “unlawful
manipulation”
of
the
stock.

—
CNBC’s
Dan
Mangan
contributed
to
this
report.