Donald Trump breaks social media silence: 'Truth is an important part of our historic win'
WASHINGTON, DC: Donald Trump has ended his social media silence following his historic election victory, using the moment to quash rumors about selling his stake in Truth Social.
The president-elect, who had not posted for 72 hours, firmly rejected the claims, calling them "illegal" and requesting an investigation into those spreading the rumors.
Donald Trump shuts down 'illegal' rumors surrounding Truth Social
Donald Trump is currently at Mar-a-Lago, celebrating his win and laying the groundwork for his return to the White House.
On Thursday night, November 7, he made history by appointing Susie Wiles as his chief of staff, marking the first time a woman has held this prominent position, according to Daily Mail.
In his first public statement since Election Day, Trump addressed what he described as “fake, untrue, and probably illegal” rumors suggesting he planned to sell shares in his social media platform, Truth Social.
Trump firmly denied any such intentions, calling these claims part of a scheme by “market manipulators or short sellers.”
“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,” he said.
Donald Trump demands investigation into rumors surrounding Truth Social
Furthermore, Donald Trump has demanded that those responsible for the rumors be investigated by “the appropriate authorities.”
“THOSE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION OF SELLING!” Trump declared.
He concluded his statement by emphasizing Truth Social’s role in his recent victory.
“Truth is an important part of our historic win, and I deeply believe in it. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!” Trump stated.
Truth Social's stock surges before dropping post-election
Trump Media & Technology Group, which owns Truth Social, saw an initial surge in stock value on Election Day following Trump’s projected win, CNN reported.
Trading under the ticker “DJT,” the company’s stock opened with a 35% jump, giving it a brief market valuation of $9 billion.
Trump’s 114.75 million shares temporarily rose to around $5.3 billion, an increase from their $3.9 billion closing value on Election Day.
However, the stock later dropped, impacting the company’s total market value.
Matthew Tuttle, CEO of Tuttle Capital Management, attributed the stock surge to excitement over Trump’s victory, noting that “it was the only ‘pure’ play for traders to bet on a Trump win,” Tuttle told CNN.
Trump Media has attracted attention for its significant market valuation which reached around $9.5 billion—more than twice that of Macy’s and four times that of JetBlue—even though Truth Social remains a small player in the social media market and the company has limited revenue streams, it noted.
The magnitude of his victory helps, but longer term they need to come up with some sort of strategy,” Tuttle said.
Trump Media disclosed Tuesday afternoon that its third-quarter revenue dipped 5% to just $1 million.
