Trump Media shares soar in second day of strong gains

The share price of Trump Media soared by as much as 21% Thursday, before pulling back a bit in volatile trading.

It was the second day in a row of strong gains for the owner of the Truth Social app.

DJT shares rose above $31 in early trading, a bump that could squeeze short sellers who have made recent bets that the stock price would fall. By 11:26 a.m. ET, shares were trading at $29.71, an increase of more than 12.5% from the open price.

Trump Media shares closed more than 15% higher on Wednesday afternoon.

The big gains come after a 20% drop in the share price over last week, followed by an 18% plunge on Monday, and a more than 14% dip on Tuesday.

Earlier Thursday, the company notified the Securities and Exchange Commission of an update to its website, which gives shareholders tips on how to avoid their stock being loaned to short sellers who would then use it to bet on price drops.

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