Trump Media & Technology Group Corp. DJT shares are trading higher on Tuesday.
Yesterday, former President Donald Trump’s Trump Media & Technology Group, behind the Truth Social platform, clarified to shareholders that if shares are currently on loan by brokerage firms to facilitate short selling, they can ask their broker to recall their shares.
After recalling their shares, long-term shareholders who believe in the company’s future can then hold their DJT shares in a cash account, opt out of any securities lending programs, or move their shares to a Direct Registration account at the company’s transfer agent, Odyssey Transfer & Trust Company.
The company’s CEO, Devin Nunes, has been in the headlines lately for accusing certain brokerage firms of potential stock manipulation and anomalous trading.
To address the issue, Nunes wrote a letter to the U.S. House of Representatives, addressing each of the Chairmen of the U.S. House of Representatives Committee on the Judiciary, Committee on Financial Services, Committee on Ways and Means , and Committee on Oversight and Reform.
The letter has been published in an exchange filing. The stock has been highly unstable since its debut on the Nasdaq on March 26.
The stock, under the ticker DJT, experienced significant fluctuations in its first month, with its price reaching as high as $79.38 on the first trading day.
However, the stock took a nosedive a week later following the revelation of substantial operational losses in 2023, the planned resale of most of its outstanding securities, and the announcement of its live TV streaming platform.
“It’s been abnormally volatile — as volatile as any stock I can ever recall being,” said Morningstar’s vice president of research, John Rekenthaler, reported Quartz.
Price Action: DJT shares are trading higher by 5% to $49.04 on the last check Tuesday.
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