Trump Media shares rise more than 3%, pausing multi-day decline

Trump Media stock rose Friday, reversing intraday losses and pausing a weekslong slide for former President Donald Trump‘s tech and media company that had accelerated earlier in the week.

The company behind Truth Social, which debuted on the Nasdaq as DJT in late March, ended the trading day up more than 3%, with the stock price closing at $27.66 a share.

Trump Media stock was down as much as 6% earlier in the day, but the company picked up steam in the final hour of trading.

The modest gains Friday followed steep declines on Thursday, when Trump Media shares fell nearly 15%, and Tuesday, when shares closed nearly 10% down. The stock market was closed Wednesday.

Trump Media’s stock price has whipsawed since its public debut, as retail investors and short sellers bought and sold the company tied to the controversial presumptive Republican presidential nominee.

But the trend over the last three weeks has been consistently negative: The stock has lost nearly half its value since May 30, when a New York jury convicted Trump on 34 felony counts of falsifying business records.

It is not clear if the conviction itself triggered that decline — though the company in SEC filings has acknowledged that, “An adverse outcome in one or more of the ongoing legal proceedings in which President Donald J. Trump is involved could negatively impact TMTG and its Truth Social platform.”

Some analysts have attributed the stock slide to the Securities and Exchange Commission’s approval of Trump Media’s registration of additional shares.

The clearance by the SEC, revealed Tuesday after the bell, allows early investors in the company to resell certain shares and exercise stock warrants, threatening to dilute the stock price.

Truth Social has noted, however, that it could net up to $247 million if all the warrants are exercised for cash.

This is developing news. Please check back for updates.