Daily Scoop🍨: Trump (DJT) Strong Buy Until December 🚀🫶🏼💪
Trump Media & Technology stock turned higher Friday after the company announced the departure of its chief operating officer.
Shares of the Truth Social parent, which is majority owned by former President Donald Trump, were up 2.6% to $16.59 shortly after noon Eastern time Friday. They had fallen by 1% earlier in the day. The stock is down about 72% from its closing price of $57.99 on March 26, the day it went public via a merger with a blank-check firm.
Operating Chief Andrew Northwall resigned effective Sept. 28, a Securities and Exchange Commission filing published late Thursday showed. The company didn't give a reason for his exit and said it plans to transition his duties internally.
Trump Media said it doesn't comment publicly on personnel matters and referred to the SEC filing and a Truth Social post by Northwall published Thursday. "As I step back, I look forward to focusing more on my family and returning to my entrepreneurial journey," Northwall wrote.
That is likely because the volatile DJT stock doesn't normally trade in the same way as most other publicly traded companies. Instead of investors narrowing in on the company's fundamentals such as profits, cash flows, and revenue, or classic valuation metrics such as the price-to-earnings ratio, the stock price is closely connected to sentiment around its largest shareholder and namesake former President Donald Trump.
In the same SEC filing, Trump Media said it would release almost 800,000 shares to ARC Global Investments, a fund run by early investor Patrick Orlando, in accordance with a September order by a Delaware judge. Trump Media didn't make any connection between the release of shares to ARC and the departure of Northwall.
Modify on 2024-10-07 10:29
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