Stock Track | Trump Media & Technology Soars 5% on Bitcoin ETF Filing and Potential Reconciliation with Musk

Stock Track

Jun 06

Shares of Trump Media & Technology Group (DJT), the parent company of Truth Social, surged 5.07% in Friday's trading session, rebounding from the previous day's 8% tumble. The stock's recovery comes on the heels of two significant developments: the company's filing for a Bitcoin ETF and signs of potential reconciliation between former President Donald Trump and Tesla CEO Elon Musk.

Trump Media made waves in the cryptocurrency space by submitting a registration statement to the U.S. Securities and Exchange Commission (SEC) for the Truth Social Bitcoin ETF B.T. This move follows the company's recent $2.44 billion financing deal to establish a Bitcoin reserve, signaling a strong push into the digital asset market. The proposed ETF, if approved, would list on the NYSE Arca and aims to reflect the performance of Bitcoin's price.

Adding to the positive sentiment, market observers noted signs of easing tensions between Trump and Musk. Their public spat on Thursday had contributed to significant drops in both Tesla and Trump Media stocks. However, indications of a potential reconciliation, including a tweet from hedge-fund billionaire Bill Ackman urging unity, have helped alleviate investor concerns and support the stock's rebound.

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The stock's recovery comes on the heels of two significant developments: the company's filing for a Bitcoin ETF and signs of potential reconciliation between former President Donald Trump and Tesla CEO Elon Musk.</p>\n\n<p>Trump Media made waves in the cryptocurrency space by submitting a registration statement to the U.S. Securities and Exchange Commission (SEC) for the Truth Social Bitcoin ETF B.T. This move follows the company's recent $2.44 billion financing deal to establish a Bitcoin reserve, signaling a strong push into the digital asset market. The proposed ETF, if approved, would list on the NYSE Arca and aims to reflect the performance of Bitcoin's price.</p>\n\n<p>Adding to the positive sentiment, market observers noted signs of easing tensions between Trump and Musk. Their public spat on Thursday had contributed to significant drops in both Tesla and Trump Media stocks. 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However, indications of a potential reconciliation, including a tweet from hedge-fund billionaire Bill Ackman urging unity, have helped alleviate investor concerns and support the stock's rebound.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"movement","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}