Traders are betting against the company behind Donald Trump’s social network, signalling scepticism from some investors over its merger with a nuclear fusion group.
Trump Media & Technology Group (TMTG), which owns the Truth Social platform where the president regularly posts, last month announced a deal to merge with nuclear fusion company TAE Technologies, sending share prices up more than 40 per cent in the following days.
Short sellers quickly bet against the stock, which trades under the ticker DJT ticker. Short interest jumped about 30 per cent in the days after the deal was announced, according to data from market information provider S3. The bets amount to roughly 10 per cent of the shares available for public trading as of last Friday.