Trump Media Chief Operating Officer Andrew Northwall resigned in late September, the company revealed. Former President Donald Trump's social media company also said it will release nearly 800,000 shares of its stock to an early investor, in accordance with a recent court order.
A week ago, market observers (and political wonks) were wondering just how low shares of Trump Media (Nasdaq: DJT) were going to go. But despite long-standing fears of insider selling and a steady 10-day decline in the company's share price, Trump Media's DJT stock is surging recently.
Coming into the session, the shares are up almost 15% over the past five trading days.
After Trump Media (NASDAQ: DJT) stock managed to soar a massive 8.95% on its daily chart and 6.72% in pre-market, investors are wondering what is fueling this recovery for the company founded by the former United States President and current presidential nominee Donald Trump.
The stock hit the lowest since it merged with a shell company in March on Sept. 23, but has risen markedly since then.
Trump Media & Technology Group Corp.'s stock rose Monday to bring its total gain for the past week up to nearly 30%, but it still remains in negative territory for September as the month ends.
Even though some early investors did sell shares, Trump himself has said he won't reduce his stake.
The initial daily trading (for September 20 to 27) was notably active. However, the final result was simply a 0% roundtrip.
The lockup period for Trump Media stock recently expired. The former president isn't planning on selling his stake in the business.
A big Trump Media & Technology shareholder unloaded millions of shares not long after becoming eligible to do so—but it wasn't Trump himself.
Shares of Trump Media were trading more than 7% higher as of noon on Friday after major shareholder United Atlantic Ventures LLC dumped virtually its entire stake in the company Thursday.
Andrew Litinsky, a former “The Apprentice” contestant and co-founder of Trump media, sold most of his stake.