Trump’s Truth Social sees stock rally again, but it sent a warning to investors

Trump’s Truth Social sees stock rally again, but it sent a warning to investors

Shares of Trump Media & Technology Group Corp. surged Wednesday, but a sharp late-day pullback in the previous session may have acted as a warning to investors not to assume a smooth ride higher.

The stock climbed 10.7% in morning trading, and has rocketed 73.9% this week as investors cheered the closing of the merger that took former-President Donald Trump’s social-media platform public.

That puts the stock on track for the biggest weekly gain since it blasted 845.8% higher during the week ended Oct. 22, 2021, when the merger was first announced.

Read: Trump mergers MAGA and Wall Street with his ‘supercharged meme stock.’

But even with Wednesday’s rally, the stock was still well below where it was with an hour to go in Tuesday’s trading session, when it was changing hands slightly above $72. The stock closed Tuesday up 16.1%, but that was after it pulled back 20% in the final hour.

And the stock was now trading 19.1% below Tuesday’s intraday high of $79.38.

Meanwhile, the value of Trump’s share holding in Trump Media, which the company has said it would be 78,750,000 shares, was about $5.06 billion at current stock prices.

On a side note, filings overnight confirmed that Trump’s son, Donald J. Trump, Jr., who is a director of Trump Media, did not beneficially own any of the stock following the merger.

Read more about the share holding of other Trump Media executives, directors and investors.