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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.
The DJT ticker was up more than $5 per share just before 1 p.m. ET.
Trump Media owns the Truth Social app frequently used by the company’s majority shareholder, former President Donald Trump, who is also the presumptive Republican presidential nominee this year.
The company began public trading on March 26 with a price of more than $70 per share. 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.
The gains have occurred without any significant news about the company’s bottom line improving.
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.
Trump Media has more than $200 million in cash, but its social media business last year booked $58 million in losses with revenue of just $4.1 million.
This is developing news. Check back for updates.