donald trump truth trading halt of Social
Former President Donald Trump criticized Nasdaq for halting normal trading in his social media company’s shares and even threatened to move the listing to the New York Stock Exchange.
“Why is NASDAQ blocking the sale of DJT?” Trump said on TruthSocial on Friday, referring to the ticker symbol of Trump Media and Technology Group, which owns TruthSocial. “What right do they have to do that? They’ve done it twice today. What’s going on?”
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Trump suggested that Nasdaq was “taking orders from the SEC,” an agency that Trump accused of delaying the media merger “for political reasons.”
What happened The stock of Trump Media, which trades on the Nasdaq Composite, skyrocketed on Friday after Trump himself broke the big news: He announced that he would not be selling shares in the company.
The spike was so large that it triggered two five-minute trading breaks designed to provide a cooling period.
Such trading disruptions are routine and occur dozens of times a day for various stocks.
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For Trump Media (DJT), the first halt occurred at 2:26 p.m. ET and 2:31 p.m. Picked up. ET, according to Nasdaq’s website. It was just minutes after Trump announced during a press conference that he was “not selling” shares in the company. That comment lifted the stock 25%.
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The stock resumed trading before being halted again at 2:34 p.m. ET for another five-minute break.
“Single-stock trading pauses, also known as ‘limit up/limit down,’ are market-wide mechanisms established by the SEC across all U.S. exchanges that limit both companies and investors,” a Nasdaq spokesperson told CNN on Saturday. are designed to protect and minimize additional volatility in a stock or broader market.”
“These types of halts are very common,” Joe Saluzzi, a market structure expert and co-founder of Themis Trading, told CNN in an email on Saturday, noting that such halts are often enforced by federal regulators. are mandatory and have been around the world since 2013. The entire US exchange listed stock market.
“Therefore, Mr. Trump’s threat to move his stock from the Nasdaq to the NYSE will have no effect because both the Nasdaq and the NYSE follow the same SEC rules,” he said.
While it all seems normal, Trump threatens to punish the Nasdaq.
“I’m going to hold the NASDAQ, and maybe the SEC, accountable for what they’re doing,” he said in his Truth Social post. “If they do it again, we will move the stock to the New York Stock Exchange.”
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