Donald Trump says he has no plans to sell DJT stock, calls for investigation into 'market manipulators'

President-elect Donald Trump spoke to Truth Social on Friday to reiterate that he has no plans to sell shares of Trump Media & Technology Group. It also called for an investigation by “relevant authorities” into “market manipulators or short sellers”, which company executives and shareholders have previously blamed for the volatility of the shares, which trade under the symbol DJT.

Shares of DJT jumped shortly after Trump's release, gaining as much as 16% on Friday. The stock rose $3.15, or 11.4 percent, to $30.84 in early afternoon trading, partly reversing a 23 percent fall Thursday that had pared some of the company's gains at l The November 5 elections are approaching.

Trump, who is Trump Media's largest shareholder with a 57% stake, said the company had been the target of “probably illegal rumors and/or statements” that he said allege he was considering a sale shares of the company that owns Truth. Social platform. In September, Trump pledged not to sell his stake after a lock-up period for Trump Media insiders expired, allowing them to sell for the first time since the stock's IPO in March.

Trump Media, whose ticker DJT is the same as Trump's initials, has experienced extreme volatility on the Nasdaq, with its shares swinging wildly based on news related to the president-elect. This has prompted comparisons of DJT with meme stocks or with companies that trade on social media buzz rather than financial fundamentals such as revenue and profit growth.

Trump's call for an investigation into stock trading highlights potential conflicts of interest between his role as the country's chief executive and his business interests, with his stakes in the company valued at $3.6 billion as of Friday afternoon. As president, Trump will not only oversee numerous federal agencies, but also appoint the head of the U.S. Securities and Exchange Commission, the agency that regulates the securities industry.

Although there is no requirement for presidents to sell their financial assets when they take office, most U.S. presidents have chosen to place their business assets in a blind trust, according to the Brennan Center for Justice, a nonpartisan legal and policy institute. A blind trust is managed by an independent trustee, and the president or other official who created the trust is not authorized to advise or consult the trustee on business decisions.

During Trump's first term as president, he chose not to place his company, the Trump Organization, in a blind trust, choosing instead to hand management of the company over to his two oldest sons, Donald Jr. and Eric, as well as his long-time boss. Chief Financial Officer, Allen Weisselberg. (Weisselberg was released from prison in July after pleading guilty to perjury about the size of Trump's triplex in a civil fraud trial.)

Trump's deal during his first administration was flagged by some ethics experts as problematic, with former White House chief ethics lawyer Norm Eisen writing in 2017 that he did not successfully resolved conflicts of interest between Trump's business holdings and his role as president.

Trump Media stock price chart

Trump Media has attracted short sellers, or investors looking to profit when a stock falls. That sparked accusations from Trump Media CEO Devin Nunes, a former Republican congressman, that those investors manipulated the stock. Nunes has called for investigations from lawmakers and the Nasdaq stock market, where DJT is listed.

Because of Trump's controlling stake in DJT's stock, shares would likely fall if he sold his shares “for any reason,” S3 Partners noted in a Nov. 6 research note.

In his post on Truth Social Friday, Trump said he believed in Trump Media and refuted claims that he was interested in selling shares.

“THESE RUMORS OR STATEMENTS ARE FALSE. I HAVE NO INTENTION TO SELL!” Trump wrote. “I hereby request that those who started these false rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities.”

Most Liked Picchi

Aimee Picchi is an associate editor at CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and wrote for national media outlets including USA Today and Consumer Reports.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos