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The share price of Trump Media soared by more than 12% in afternoon trading Monday, continuing a stunning rise that began in mid-April. Trump Media owns the Truth Social app frequently used by the company's majority shareholder, former President Donald Trump. Over the next several weeks, share prices cratered, ending up with a low closing price of $22.80 on April 16. Since then, Trump Media shares have more than doubled in price, adding billions of dollars to the company's market capitalization, and to the ex-president's stake. Earlier Monday, Trump Media released updated information to shareholders advising them how to avoid having their stock shares loaned out for use by short sellers to bet the price drops.
Persons: Donald Trump Organizations: Trump Media
Read previewThe accountant hired to audit former President Donald Trump's social media company seemed to have a lot of trouble spelling his name, the Financial Times reported on Wednesday. But others, like Blake F Borgers and Ben F Vonesh, were entirely different names. Representatives for BF Borgers and Trump Media & Technology Group did not immediately respond to a request for comment from BI sent outside regular business hours. In November, Borgers' firm was also removed from the American Institute of Certified Public Accountants' peer review program. Trump Media shares had initially soared when it went public, only to crash by nearly 40% in a matter of weeks.
Persons: , Donald Trump's, Ben F Borgers, Ben F Brogers, Ben F orgers, Blake F Borgers, Ben F Vonesh, Borgers, Brown, WithumSmith, Trump, Forbes, Jean Carroll, he's, Stormy Daniels Organizations: Service, Financial Times, Public Company, Business, BF Borgers, Trump Media & Technology Group, BI, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media, New Locations: New York, Manhattan, Mar
Americans are falling behind on their payments
  + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.
Persons: New York CNN —, Austan Goolsbee, ’ ”, , Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss
One afternoon last month, Chad Nedohin, a part-time pastor and die-hard supporter of Donald J. Trump, put on a pirate costume, set up his microphone and recited a prayer. Mr. Nedohin was opening his latest livestream on the right-wing video site Rumble, where he has about 1,400 followers who share a devotion to Trump Media & Technology Group, the former president’s social media company. “Faith comes from hearing — that is, hearing the good news about Christ,” said Mr. Nedohin, 40, his face framed by fake dreadlocks under a pirate-style hat. Mr. Nedohin and his viewers were waiting for the results of a merger vote that would determine whether Mr. Trump’s company could start selling stock on Wall Street. Soon the news about Trump Media arrived via an audio feed: It was going public.
Persons: Chad Nedohin, Donald J, Trump, Nedohin, Faith, Organizations: Trump Media & Technology Group, Trump Media
In today's big story, we're looking at how millennials have seen their wealth explode over the past few years. Millennials, the oft-maligned generation , are a lot better off financially than you might realize. A new report found millennials saw their wealth double from the end of 2019 through 2023, writes BI's Juliana Kaplan. Whatever the case, millennials' wealth can keep growing. The Department of Justice is investigating the consultancy for its past work advising opioid companies about how to boost their sales , The Wall Street Journal reported on Wednesday.
Persons: , Iurii Garmash, Tyler Le, millennials, BI's Juliana Kaplan, Harry Potter fanfiction didn't, Millennials, Gen Xers, eyeing, Juliana Kaplan, Gen, Chelsea Jia Feng, Jamie Dimon, Devin Nunes, Mark Zuckerberg, they've, There's, Nathan Congleton, Blackstone, Donald Trump's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Studio, Getty, millennials, Slaven, The New York Times, Nvidia, Trump Media, House Republicans, Meta, Green, Getty Images Google, Apollo, KKR, Justice, Street, Wednesday, McKinsey, NFL, US Locations: That's, Chelsea, premarket, NBCU, New York, London
Rep. Devin Nunes, R-Calif., ranking member of the House Intelligence Committee, speaks during an impeachment inquiry hearing in Washington, Nov. 13, 2019. Trump Media CEO Devin Nunes on Tuesday urged House Republican committee leaders to investigate possible "unlawful manipulation" of the company's stock. Trump Media, which began trading on the Nasdaq on March 26 after completing a lengthy public merger, was far and away the most expensive U.S. stock to short as of early April. The letter comes as the stock price of Trump Media, which created the social media app Truth Social and is majority-owned by former President Donald Trump, continues to trend down in volatile trading sessions. The stock dropped nearly 5% early Wednesday but turned positive before noon, trading around $33 per share.
Persons: Devin Nunes, Nunes, Patrick McHenry, Jim Jordan, Jason Smith, James Comer, Donald Trump, DJT Organizations: House Intelligence, Trump Media, Republican, GOP, Nasdaq, Financial Locations: Washington, R, Ohio, Spokespeople
Trump Media CEO Devin Nunes wrote a letter to lawmakers asking them to look into "unlawful manipulation" of the firm's stock. Citadel Securities last week called Nunes a "loser" for blaming shorts for the stock's decline. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTrump Media stock has been on a roller coaster ride since its IPO at the end of last month, hitting $35.05 a share Wednesday, up almost 8% after a 54% drop from its peak.
Persons: Devin Nunes, Nunes, there's, , Donald Trump Organizations: Trump Media, Citadel Securities, Service, Social, , Securities, VIRTU, Jane, Capital, Nasdaq, Trump Locations: VIRTU Americas
New York CNN —Trump Media & Technology Group is asking Congress to investigate its suspicions that illegal activity is driving down its share price. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. Nunes suggested there are signs of “naked” short selling, which involves someone selling shares they don’t own or have not borrowed. Jay Ritter, a finance professor at the University of Florida, said there are more obvious explanations for why some traders are betting against Trump Media. Last week, Nunes wrote a letter to Nasdaq, where Trump Media shares trade, alerting the exchange to concerns about market manipulation.
Persons: New York CNN —, Devin Nunes, ” Nunes, Nunes, ” Jonathan Macey, Jay Ritter, , Jay Ritter, Ritter, Jane Street, Ken Griffin, “ Devin Nunes, Organizations: New, New York CNN, New York CNN — Trump Media & Technology Group, Truth Social, Trump Media, Financial Services, Republican, Traders, Yale Law School, CNN, University of Florida, ” Trump Media, Trump, Citadel Securities, Virtu, Jane, Capital, Citadel, Nasdaq, CNBC Locations: New York, California, Virtu Americas, America
Trump is set to get millions of extra shares if Trump Media trades above $17.50 through Tuesday's session. That would see the former president awarded $1.3 billion in extra stock. AdvertisementTrump Media & Technology just has to manage not to crash Tuesday for former President Donald Trump to be awarded an extra $1.3 billion worth of stock in the Truth Social parent company. When Trump Media made its market debut in late March, the stock peaked sharply before crashing nearly 40% in a matter of weeks. Last week, Trump Media CEO Devin Nunes lashed out at short sellers for helping to tank the stock.
Persons: Trump, , Donald Trump, Devin Nunes, Nunes Organizations: Trump Media, Service, Trump Media & Technology, Social, . Company, Trump, Bloomberg, Truth, Citadel Securities
Former President Donald J. Trump’s already sizable stake in his social media company is set to jump by more than $1 billion, as he’s rewarded with additional shares in the parent of Truth Social — the result of its stock price staying high in recent weeks. Mr. Trump is already the largest shareholder of Trump Media & Technology Group with 79 million shares, a stake currently worth nearly $3 billion. He’s now due 36 million more shares under what is known as an “earnout,” additional stock that would push the value of his stake to over $4 billion. Trump Media merged with a public shell company last month and made its debut on the Nasdaq on March 26. The new shares would raise Mr. Trump’s stake to about 65 percent of the company.
Persons: Donald J, Trump’s, Trump, He’s Organizations: Republican, Trump Media & Technology Group, Trump Media, Nasdaq
Trump Media shares fell 9% Tuesday ahead of an expected earnout bonus for former President Donald Trump. Trump will receive an additional 36 million shares, worth about $1.15 billion, if the stock closes above a $17.50 minimum share price. A spokesperson for Trump Media did not respond to CNBC's request for comment about the earnout. The company also released a statement Tuesday highlighting steps shareholders could take to prevent the lending of their stock for short selling. On Friday, Trump Media warned the Nasdaq CEO of "potential market manipulation" of the company's stock by "naked" short selling of shares.
Persons: Donald Trump, DJT, Trump Organizations: Trump Media, Nasdaq Locations: DJT
As long as Trump Media & Technology Group’s share price doesn’t spectacularly implode before Tuesday’s closing bell, Trump is on track to receive another 36 million shares as the owner of Truth Social. Even though Trump Media is losing money and Truth Social is very tiny, those new shares Trump is in line to receive would be valued at about $1.3 billion at current prices. Of course, Trump Media’s share price is subject to extreme volatility, meaning the value of this stake can swing wildly. ‘Grossly overvalued’Even though Trump Media’s share price has retreated since spiking to $66 last month, experts warn it remains overvalued based on fundamental metrics. Ritter, who has been studying IPOs for four decades, expects Trump Media’s share price to eventually plunge to just $1 or $2 per share.
Persons: Donald Trump, Trump, , Michael Ohlrogge, , Matthew Kennedy, Kennedy, Jay Ritter, University of Florida . Ritter, Peter Byrne, Cooley Organizations: New, New York CNN, Trump Media & Technology, Truth, Trump Media, Trump, SEC, NYU School of Law, Renaissance, Facebook, Meta, University of Florida, NYU Locations: New York
Trump Media & Technology Group, which owns the conservative Twitter clone Truth Social, went public via SPAC in late March. Short sellers, if I had to guess, feel pretty good, even if Trump's company is trying to prevent them from betting against it. AdvertisementWhile Trump is a political figure, Trump Media's stock price is not really a political story. The same day, its stock price fell by 14%, though the next day it bounced. That TMTG's stock price has fallen isn't surprising.
Persons: I'm, Jim Cramer, Donald Trump's, Trump, DJT, it's, TMTG, isn't —, Peter Kafka, doesn't, TMTG isn't, Devin Nunes —, Devin Nunes, California —, He's, It's, Emily Stewart Organizations: Trump Media & Technology Group, Twitter, Republican, Nvidia, Truth, Meta, Trump, Trump Media & Technology, Business Locations: SPAC, TMTG, California
Former President Donald Trump is poised to receive an additional 36 million shares of Trump Media on Tuesday — an "earnout" bonus worth more than $1.25 billion, at Monday's price. The 36 million additional shares for Trump would be added to the 78.75 million shares he already owns, as the company's majority shareholder. When the earnout shares are added to his existing stock, Trump's total stake in Trump Media would be worth more than $4 billion on paper, at $35 a share. But since then, Trump Media's share price has plunged. By the close of trading on April 15, the share price had fallen nearly 68% from its opening price.
Persons: Donald Trump, Donald J, Trump Organizations: Trump Media, Trump, Trump Media's, Trump Media & Technology Group Corp Locations: New York City
Cramer’s Stop Trading: Trump Media
  + stars: | 2024-04-22 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer’s Stop Trading: Trump MediaCNBC’s Jim Cramer explains why he is keeping an eye on shares of Trump Media.
Persons: Jim Cramer Organizations: Trump Media
Trump Media CEO Devin Nunes on Friday said he would "do whatever it takes" to defend the company's retail investors from possible illegal short selling of its shares. Delivering remarks in Scranton, Pennsylvania, on Tuesday, Biden took a dig at Donald Trump, his November Republican election opponent, as shares of Trump Media tanked from its more than $70 debut price. Trump Media's stock, trading under the ticker DJT , rallied toward the end of this week, but has plummeted starkly from its peak. It involves a trader selling shares that have not been borrowed or arranged to be borrowed. Nunes said that Trump Media has appeared on the Nasdaq's "Reg SHO threshold list," which could indicate illegal trading behavior.
Persons: Devin Nunes, Nunes, Joe Biden, Biden, Donald Trump, Trump, DJT, SHO, Ken Griffin Organizations: Truth, Conservative Political, Trump Media, Trump, Republican, Trump Media tanked, Nasdaq, Securities and Exchange, CNBC, SEC, Citadel Securities, GOP Locations: National Harbor , Maryland, Scranton , Pennsylvania, California
Al Drago | Bloomberg | Getty ImagesCitadel Securities ripped Trump Media CEO Devin Nunes on Friday for a letter he sent the Nasdaq Stock Market which mentioned Citadel Securities and other major market companies after warning of possible illegal short sale trading in DJT shares. "Devin Nunes is the proverbial loser who tries to blame 'naked short selling' for his falling stock price," said a spokesperson for Citadel Securities. Citadel Securities' founder and non-executive chairman Ken Griffin is a major donor to Republican candidates — among them the former GOP congressman Nunes. "If he [Nunes] worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do," the spokesperson added. "Data made available to us indicate that just four market participants have been responsible for over 60% of the extraordinary volume of DJT shares traded: Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital," Nunes wrote.
Persons: Devin Nunes, Al Drago, Ken Griffin, Nunes, Donald Trump, Pavlo Gonchar, Adena Friedman, Friedman Organizations: Truth, Conservative Political, Bloomberg, Getty, Citadel Securities, Trump Media, Nasdaq, Securities, GOP, Republican, CNBC, Lightrocket, Trump, Trump Media & Technology Group Corp, VIRTU, Jane Street Locations: National Harbor , Maryland, VIRTU Americas
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Trump Media has warned the Nasdaq market of 'potential market manipulation' of the company's stock by "naked" short selling of shares. The warning came as Trump Media has offered shareholders detailed instructions on how to avoid someone loaning out their DJT shares to short sellers, who then execute trades betting that the price of the stock will fall. Trump Media CEO Devin Nunes, in his letter Thursday to Nasdaq CEO Adrena Friedman, did not directly accuse anyone in particular of naked short selling, which is the sale of stocks without first having borrowed such sales for that purpose. But Nunes, whose company owns the Truth Social app, pointed to circumstantial evidence, which included DJT being in early April the most expensive stock to short in the United States, which he said would give brokers "significant financial incentive to lend non-existent shares." Please check back for updates.
Persons: Devin Nunes, Adrena Friedman, Nunes, DJT Organizations: Trump Media, Nasdaq Locations: United States
In this photo, a smartphone displays the logo of Donald Trump's Truth Social app on March 25, 2024. The share price of Trump Media soared by as much as 21% Thursday, before pulling back a bit in volatile trading. It was the second day in a row of strong gains for the owner of the Truth Social app. DJT shares rose above $31 in early trading, a bump that could squeeze short sellers who have made recent bets that the stock price would fall. Trump Media shares closed more than 15% higher on Wednesday afternoon.
Persons: Donald Trump's Organizations: Trump Media, Securities and Exchange Commission
Trump Media is making a point of telling its shareholders how to prevent their stock from being loaned to short sellers — who bet the price of the shares will drop. "It certainly shows concern" about short selling of Trump Media stock, said Kevin Murphy, a business professor at the University of Southern California who is an expert on executive compensation. "I haven't seen it before," Murphy said when asked how common it is for companies to give shareholders instructions on how to thwart short sellers. "Managers who ... think the stock is undervalued aren't going to be overly concerned about short sellers," he said. Former President Donald Trump is by far the biggest shareholder in Trump Media, owning nearly 60% of its stock.
Persons: Kevin Murphy, Murphy, Trump, Donald Trump Organizations: Trump Media, Trump, University of Southern Locations: University of Southern California
In February, they sued the company, claiming that Trump Media — which made its trading debut last month at an $8 billion valuation — was trying to deprive them of the full value of their shares. Now they also claim the company is trying to prevent them from selling those shares. In a separate lawsuit that followed, Trump Media claimed that Mr. Moss and Mr. Litinsky should forfeit their shares because their poor decision-making had contributed to a yearslong delay in its merger with Digital World Acquisition Corporation. Trump Media agreed to merge with Digital World, a cash-rich shell company, in 2021 as a way to go public, but the deal closed only in March. The pair’s stake is worth more than $220 million based on the current $26 share price of Trump Media, compared with $2 billion for Mr. Trump.
Persons: Wes Moss, Andy Litinsky, Donald J, Trump, Moss, Litinsky Organizations: Trump Media & Technology Group, Truth, Trump Media, Acquisition Corporation
JetBlue Airways — Shares jumped 4.1% after JPMorgan upgraded the airline to neutral from underperform, saying it likes its turnaround potential. Barnes Group — The global industrial tech and aerospace stock jumped 9.3% after DA Davidson upgraded the company to buy from neutral, saying shares are attractive. Blackstone — The asset manager slipped 2.3% after lowering its dividend to 83 cents per share from 94 cents per share. Horton exceeded expectations in its fiscal second quarter, posting earnings of $3.52 per share on revenue of $9.11 billion. Elevance Health — Shares jumped 3.2% after the health insurance company posted an earnings beat and raised its full-year guidance.
Persons: Estee Lauder, Tesla, Emmanuel Rosner, Rosner, Davidson, Blackstone, Horton —, Horton, LSEG, Morgan Stanley, Donald Trump's, , Samantha Subin, Brian Evans, Hakyung Kim, Lisa Kailai Han Organizations: JPMorgan, Taiwan Semiconductor Manufacturing, JetBlue Airways —, Iris Energy, Deutsche Bank, Google, Meta, Reuters, Group, Alaska Air Group, Revenue, BJ's Wholesale, eBay, — Rosenblatt Securities, Trump Media & Technology, Truth Social Locations: Taiwan, Alaska
New York CNN —Investors in Trump Media & Technology Group’s stock are finally, after two days of turmoil, seeing an uptick in their shares. The stock TMTG (DJT) rebounded by more than 12% in early afternoon trading on Wednesday after tumbling precipitously earlier this week. The price of fameThere are many reasons why Trump Media shares have been so volatile, including the fact that the company is inextricably linked to the former president. Trump Media lost $58 million in 2023 and made just $4.1 million in revenue. Extreme turbulenceTrump Media’s extreme peaks and troughs have caused wild swings in the net worth of the company’s largest shareholder and chairman: former President Donald Trump.
Persons: Donald Trump, Trump Organizations: New, New York CNN — Investors, Trump Media & Technology, Disney, Trump Media, Trump Locations: New York
A screen displays trading information about shares of Truth Social and Trump Media & Technology Group outside the Nasdaq MarketSite in New York City on March 26, 2024. The former president is the majority shareholder in Trump Media, which trades under the initials of his name, DJT, on the Nasdaq. "The reason that people own this stock is because, in one way or another, they support Donald Trump," Rekenthaler said. The closest company comparison to Trump Media is Tesla, according to Rekenthaler. Trump Media is currently a $4 million business through social media, he said.
Persons: Donald Trump, Rekenthaler, John Rekenthaler, Tesla, Elon, Trump, FAFSA, Preston D, Cherry, who's, Oprah —, Ted Jenkin, Jenkin Organizations: Truth Social, Trump Media & Technology Group, Nasdaq, Trump Media, Morningstar, Elon Musk, Trump, Securities and Exchange Commission, Finance, Adidas, CNBC FA Council Locations: New York City, Green Bay , Wisconsin, Atlanta
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