When shares of Trump Media (NASDAQ:DJT) began trading under its new ticker on Tuesday, traditional media outlets could hardly understand the stock’s 50% rise. How could a loss-making firm in a cut-throat industry become worth almost $10 billion overnight?
Short sellers have also sensed blood. According to Fintel.io, a financial data provider, virtually all available DJT shares have been sold short. Borrowing fees currently stand at over 210%, making it the most expensive U.S. company to short sell.
Short seller beware… Trump Media’s true believers (and its speculators) could send the stock to the moon.
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