DJT shares rise after Trump says he has “no intention of selling his Trump Media shares”

Shares of Trump Media & Technology Group, former President Donald Trump's social media company, rose sharply on Friday after Trump said he had “absolutely no intention of selling his stake in owner Truth Social.”

Shares of the company, which trades under the ticker symbol DJT – the same as Trump’s initials – rose $1.89, or 12%, to $17.97 on Friday. The rise helped the stock recover from a Record low on September 11a day after his debate with Vice President Kamala Harris, with investors apparently downgrading his chances of winning the US presidential election.

The Trump Media & Technology Group had already suffered from a months-long slump that reduced its valuation by billions and about 4 billion dollars from Trump’s private fortune in the company. Trump Media shares were under pressure due to the expiration of a so-called Blocking clausewhich has so far prevented Trump and other company insiders from selling their shares.

Since Trump owns 60 percent of the company's stock, selling even a portion of his shares could flood the market with available shares and potentially drive down the price. At a press conference on Friday, Trump cited the expiration of the lock-up period as the reason for the drop in the price of his shares.

“A lot of people think the reason the stock is down is because a lot of people think I'm selling, and when I sell, it's not going to be the same,” Trump said. “But I have absolutely no intention of selling.”

Lock-ups are a common restriction on Wall Street. They are designed to prevent large investors from selling their shares shortly after a company goes public. Large sales of shares by insiders can drive a company's share price down.

Even with Friday's increase, Trump Media & Technology Group's share price is still 77 percent below its March high of $79.38.